This is a pretty great deal actually. You can find it used on Reverb for this price - I got mine for exactly $180 in mint condition - but guaranteed new for this price, it's pretty great.
As for this being outdated: it is, to a degree. For just delay or just for looping, there are way better options. And personally, I don't find any of the reverb options have very good tone - which is consistently my problem with Line 6 modelling. And if you're looking for just a loop pedal, the Boss RC3 is better. Where this is neat is what you can do with the reverb and delay, and the neat playback effects. You can record and have it play back at double speed, half speed, and/or reversed, and then record over things that way. Which makes for some pretty interesting capabilities. Minus The Bear, for example, uses them to great effect (the weird track going on behind Knights is possibly the best example).
If you're looking for a full-on loop pedal, be aware this only does ~30 seconds at a time, and though there's unlimited or near-unlimited overdubbing, the quality does start to degrade after a while. But that's really not what you'd be using it for anyway.
This is best paired with a loop pedal and a separate reverb pedal, I find. I like to put it after my reverb pedal and before my loop pedal, and then you get the speed and reverse effects without much of the time constraints, and can double up on effects or not, mid-recording even.
My two cents anyway.