Glenn, I have been watching the Vypyr amps since they first came out. The initial batch had a lot of problems with the software. Lots of folks reported the amps freezing up or not producing any sound at all. The key thing to remember is to unplug the instrument cable from the amp before you turn it on. Seems that fixed most of the freezing or eternal light show problems.
That being said, I am in the market for the 30 watt version myself. I have quite a few pedals (three separate pedal boards) and I think it has gotten a bit out of hand. I can duplicate all of my pedals with the Vypyr, although I can't layer as much stuff with it.
I've been using the same Bandit since the mid 80s and added another Bandit of the same vintage a couple years back. I love the solid state sound on my Bandits, but I have a need for different sounds from time to time. Being a long time Peavey guy there was no way I was going Line 6 or any other brand.
As soon as I can scrape the money together Pete will be selling me a Vypyr 30 and Sanpera I controller.
Peavey has a separate Vypyr forum in their amp forum. Check it out, there is some pretty good info in there.