True bypass is mostly an issue in the analog world. Since PODs are
digital, I'm going to guess "no". I'm guessing that you'll be going
through an A/D/A converter even when the effects are off. If I'm
wrong, somebaody please correct me.
That doesn't mean that it won't sound great, though. I have a POD XT
Live, and love it. The delays and rotary speaker effects are the best
I've ever heard. I still have an old pedalboard of analog stompboxes,
but I never use it anymore. Keep in mind that I use the amp modeling
in the XT Live too, so nothing is ever really bypassed. I just switch
from one patch to another.
- Rich