Checked out the ES5 yesterday; pretty much half the size as the 8 while retaining the same key functions. However, the deal breaker for me was that there was only one switch for changing banks -- up. So to go from bank 2 to bank 1, you have to cycle through all the other banks first.
But for basic switching, direct mode etc, hell yeah its outstanding!
Oh and to the post regarding the Musicom Mkiii, the Boss lets you reprogram pedal order per each patch and also features momentary switching as well.