In their defense, I actually think this product has some good ideas behind it. The lower the price, the better, though, for something entry level like this (especially since it's built on decade+ old tech.) If this is priced too high, it will fail spectacularly.
Part of the issue with Line 6 is that while they were way ahead of the game in the late 90s, they dropped the ball at some point thereafter (exactly when could be debated, but they definitely jumped the shark once they started putting out tube amps, IMO.) One of the main reasons for their decline is that they had trouble retaining talent after a while. This becomes a huge risk with a company of this size - in CEO babble speak, avoiding this pitfall is called "securing innovation" - let's say you lose some of your key DSP and engineering folks, then you either have to search out new talent (good luck, it's rare) or you have to work with whoever is still around, even if they're not the best and brightest.
I'll always have a fond memory of the heyday of Line 6. No, I never worked there, but I do know some folks that were involved in the company at various times, and at one point many years ago I was seriously considering relocating to work for them. The original POD was incredibly inspiring for me, and I wrote a lot of music with it at the time. The dream of accurate amp simulation is one that still lives with me, which is another way in which Line 6 inspired me. Their original vision was ahead of its time and extremely cool.