I bought mine on ebay, it was made in 2004. It said "brand new" and when I got it it still had the plastic wrapping on it and a price tag...but you can seal stuff up easily if you have a heat gun...Anyway...it has better tracking than the older versions, however, the old school Whammy-Wah one that Tom Morello from Rage Against The Machine uses it uber cool, just because it has the wah on it as well. Try to get the newest one you can, the tracking improves everytime they release a "newer" version. I wouldn't get a different version altogether, but if I ever found the old Whammy-Wah one on eBay or anything, I'd definitely get it just to have one, even though I have no real use for it because I have an arsenal of wahs as it is, lol.
I played with it for a whole day straight using the harmonizing effects and also learning RATM solos, haha, but I never found an extremely useful place for it in any of my music. I you want to do "cleaner" bass stuff, and not really use the harmonizing portion you should check out the Electro-Harmonix POG pedal. It has the best tracking I've ever heard...I would guess 1 or 2 ms off-set. Check it out
here. It's a bit more pricey than a new Whammy, but if you want something that'll do better sounding ghetto bass, that's your best bet other than more expensive rackmount units. Joe Satriani also used that pedal like crazy on his latest album, Super Colossal for guitars and he got a HUGE sound with it.
I use my Whammy for the ghetto bass method, and I run the wet output into my PODxt Live using the Bass Overdrive stomp model (PODxt v1.5 update, free) and it's pretty damn decent sounding. All in all, it's still not a real bass, so only expect to do some metal or rock with it where the bass is not very elaborate, if you stick to that you'll get decent results...if you try to do like slap bass n shit, you'll either die of frustration or laughter.

Also, no matter how good the tracking is, it's still off. Regardless. With the newer ones it's a few milliseconds off, so it's really negligible, but the older ones are more noticeably off.
You don't need to buy it new though, get it on eBay man, just make sure it's the "Re-Issue" one, bright red.
~006