I have used rack fx in home studio and live for many many years. For time based stuff having patches for songs are just a massive benefit.
As others have said, you may be better offer with using software plugins though unless you expand your rig.
A USB I/O mini mixer like the Yamaha MG10xu has in built in Yamaha SPX effects and has replaced my older m-audio audio interface and gives me a bunch of pre-mixing and fx options to add in rack stuff too. I can record several acoustic instruments, synths or cabs with multiple mics and piezos at once. No rewiring either with all the inputs and monitoring sorted.
I was looked to replace an aging reverb unit with a new one and went with a lexicon mx200 a couple of years ago. Could not be easier to use. Has two discrete fx blocks with 3 parameter controls and a tap tempo/bypass for each. A dual boss foot switch on my tiny pedalboard can bypass either block so it acts just like a pedal if you want. Usually has a delay and a spacey reverb but could be Leslie/chorus and pitch shifter if I wanted, etc. So easy to use and adjust live unlike TC units and other stuff. No menus and stuff on screens. Just like pedals.
http://lexiconpro.com/en/products/mx200
You can control it via DAW too if you wire it into your desk as a hardware fx.
Also literally for the price of one pedal I have 32 superb sounding fx of studio quality. The compressor it has is great too and the reverbs.. well they are lexicon.
I think some pedals like delays and reverbs are a waste if you have an fx loop in your amp. For the prices people pay to assemble and power half a dozen pedals that they still have to then adjust between songs, they could get an AxeFX.