The pedalboard is sick imho but versions 1 thru 3 do not use a universal midi protocol. Its something else that eludes me at the moment. Perhaps Jamie or Scott or someone on here can help me on that one. Therefore, I think it would only be for use with the guitar rig plugin (although it is a pretty sweet plugin). However, I do believe I read on NI's website that the latest version of Rig Kontrol is, in fact, a universal midi controller. Please make sure to research that and be 100% before you buy the product. I would hate to be the source of anyone's pocketbook waining without getting what they need. Sidebar.... As far as looping, you will find that is a feature contained in Guitar Rig as well. Even without universal midi, I would endorse the product as being....well, sweet! Of course, universal midi would be sweet and it makes sense that NI would incorporate that sooner or later.
I hope this was helpful and good luck!