I also have the current version of BIAB. It has come a very long way in the past 6 years. It has a lot of the mixing abilities of a DAW now. You can also export directly out of it into a DAW.
I really like it for throwing something together quick. You can make your own backing tracks to jam along with really easily and put the chord progressions in them that you want to practice over.
My biggest complaint is that is it expensive. I understand why. They have put a ton of development work into it and it is quite good at what it does. I am a little jaded because I bought their everything pack a while back. I then upgraded it a little over three years ago. I was going to just stay on that version and use it for what it is. I upgraded the OS on my Mac and the application wouldn't run anymore. The reason was that the main application on the version I had was 16 bit. The new OS is 64 bit only. I was forced to upgrade it again. I hadn't upgraded for 3 years so the upgrade was more money than I really wanted to spend but I felt I didn't have a choice. It was either spend the money and have it to use, or throw away what I had bought and have nothing.
You could get away with upgrading it every other year for $99 if you want to keep it up to date. I can't imagine that there will be another huge change like going from 32 to 64 bit any time in the near future that would make the version you bought stop working like mine did. I would recommend paying the extra $25 and getting it on an external hard drive. The program is pretty big and it runs just fine directly from the external drive. You can always download the application and reinstall it if you have to.
If you have any other questions, post them. I will try to answer them.
EDIT:
It does have a little bit of a learning curve to really use the features that it as and get into the powerful parts. However, it is sort of like the Kemper, you can watch some videos and do a little reading and messing with it and get something simple up and running pretty fast to start getting a benefit from it. Just plan on spending some time with it to get to know it. There are a couple of good youtube channel out there to help with the learning.