The Line6 M5 cannot fully replace something like the HX Stomp because it is not as powerful, nor it can run several effects at the same time. However, if you're looking for a pedal that can do a convincing impression of pretty much every effect there is for a very reasonable price, I'd jump on the M5 straight away. The fact that you can recall presets via MIDI also adds a lot to its value. There are no amp simulations or IR support, so take that into account if you need any of that.