It does what it says. And there is no *drop* in the sound quality, if you don't drop the tuning too much. Eb, D and C# works fine. Maybe even C. But it doesn't replace a 7-string and going too low will deteriorate the sound notably.
Word or WARNING!!!! You HAVE TO play on high volume, to use this pedal (basically, band volume where a drummer with his 100 dB playing requires others to compensate with volume).
Otherwise you'll hear the acoustic sound of your guitar, from different key, and it will sound horrible to anyone with musical ear. This sadly happened also with headphones I use for studio work, unless I put the headphone volume so loud (to bury the acoustic ring of my guitar), that it became unpleasant. I tested 4 different headphones, none of them could insulate the exterior sound enough. My Jackson has a loud acoustic sound I guess, but that's a sign of a good solid body electric guitar (= loud even without amp).
I'm still able to use this pedal in studio, to record rhythm guitars, because on low strings you won't hear the acoustic ring of your guitar that much. But on solo playing, it's definitely a problem.
Sadly I bought this mostly for studio work, and it doesn't meet my expectations there. But it's not the fault of the product, the product does what it says and sound and build quality is great. But this is primarily for BAND and LIVE playing, not studio work / bedroom guitarists.