I am thinking about the Digitech Whammy. I known it has a buttload of effects but is it really worth 200 dollars.

I have one. Is it worth 200? Good question, deserves a good answer but all I can offer is this.
Is it possible for you to go and try one somewhere? Not only to check out the effects but you can ask yourself a question.
" Am I going to use this often enough to spend 200 bucks on it ? "
Because that is what I have found with it, I have it in my chain but I don't seem to use it that much. Yes, it as some good features, that I use occasionally in specific song situations but, for instance I find that dive bomb a bit of a dud. The harmonics and octave sweep are ok but it's gently goes on the pedal, takes a little getting used too.
So that's my suggestion......try one out first.
Cheers, I hope it's what you're looking for.

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I love mine. If it's worth the money, I don't know, but I use it more than I thought I would have. The doubling with octave up and down comes in handy along with all the drop tunes and everything else.

The guitar center near me has it on a wall but its not were your foot could play it doesn't really work that well. I dont know anyone that has one