I have a Torpedo CAB. I like it. I will have to check the I/O - but it does have line/amp level switches for both the input and output. It also has other features the EPSi doesn't - for instance, power amp modeling, EQ, as well as the ability to create your own presets from the 2 Notes cab/mic selections. You can move the mic placement anywhere you want to create a custom cabinet all your own. It also allows you to use an IR in conjunction with the power amp modeling and EQ.

Of course - it's more than double the price of the EPSi.

I can't speak to the exact functionality of the EPSi - but I am under the impression that you load a single IR in there and then toggle it on/off. I could be wrong here (I haven't done any research on it). The Torpedo allows you to store multiple presets and select them (scroll up/down). If you like the ability to match say a Greenback with your Marshalls and more a Jensen with your Fenders then the Torpedo allows you to easily do those things.

The 2 Notes software is simple to use - as is making adjustments on the unit itself... at least in my opinion.

So, where they are similar products they are different. I don't know that it is fair to say one is better than the other. They fit similar but potentially different needs. If you are looking to use one IR for everything and you are looking only to improve on the cabinet modeling found in your specific MFX then the EPSi is a less expensive option. If you want to have more flexibility, including but not limited to creating your own cabinet/mic presets, and the ability to easily change presets live - then perhaps the Torpedo CAB is a better solution.

The cool thing is that there are options.