Looks pretty cool, checked out the link on sweetwater. Doesn't look like it can do third party IRs though and at this price I would want an in the box solution (not fx loop IRs)..
Actually, yes, it does just that, 1024 and 2048 point custom IR's. Among about a gazillion other things.
If it sounds good, I'm getting one. It does too many things that I wish the 11r would do not to get it.