Thanks for your replies.
Thinking through the playing experience it looks like I will have to tap the SIM1 XT-1 one or more times every time I change change pickups on the guitar I'm playing. For example:
On the guitar, switching from the bridge pickup to the neck pickup - the blade switch moves through one, two, three, four notches but of course, you can do that in one smooth movement. On the floor, I have to tap up or down button, one, two, three, four times. That feels like a lot of thinking and coordination to switch pickups. That might not be a big obstacle in the studio, but I can imagine getting out-of-sync when playing live.
Ingolf, am I missing something?
Of course you can get out of sync.
OTOH, if you know you'll only use the 5 and 2 positions of your Strat you can program these to positions to neighbor patches.
All in all the pros are you can leave several guitars at home.
The cons are you need to do some logistics regarding what source guitar you plan to use and what sounds you want to play and program this thing accordingly.
Unless you use midi (which needs planning as well).