Back to say this thing works perfectly for what I was looking for.
I run a recorded bass line on a left track with drums on right to my PA. The bass of course is recorded in a specific key. This pedal allows me to change the key on the fly. I tested both up and down by 4 or so. I noticed no loss, no 'digitizing' of sound. It sounded exactly the same just a different pitch.
It did take my ear a minute or so to get used to the changed pitch when I was doing it on the fly. It would just sound off with my guitar and then... it would just start working.
Note I am using the 'PitchShift' setting. Reading reviews I think some people were using the wrong setting based on their write-up.