I think this plug-in is overrated like a lot of UAD plug-ins. To me the Waves IR1 sounds much better, deeper and offers more possibilities. This Lexicon sounds thin and emphasizes the hi mids too much. I think it's ok for some instruments, but not for everything.
Hi, I think that lexicon 224 is a good stuff, but It's not good for everything. I tested the EMT140 and, sincerely, I regret for not have chosen the EMT instead of Lexicon at my "custom" pack.
At this case, I'm not talking about the UA job.
I believe that the plugin sounds exactly as the hardware, according to some reviews.