I agree on the ugly, although I don't really know of a handsome way to do such a thing.
To me, these sort of things are probably best for a studio guitar where there is time to do all the switching and the various sounds are handy. Can't say that it would work ok live, easy to make a mistake, like this guy does at 45s on the vid below. Not exactly selling it to me lol.
[youtube=425,350]http://www.youtube.com/awesomeguitars1#p/u/10/GvZNooiQfag[/youtube]