The Boss Power Supply & Master Switch PSM-5 has two main functions.
First, it can serve as a master switch for any other pedals in the SEND/RETURN loop.
Engage the switch and audio is routed through the loop. When it's off, the pedals in the loop are bypassed.
Second, this pedal can serve as a power distributor for up to 7 (or more) pedals. Plug a power adapter into the 9V IN and connect a daisy chain cable to the out to power other pedals.
The PSM-5 could be used to quickly introduce an effect or effects into a signal for sudden blasts of noise!
Otherwise, DIY (assuming the looper *and* power supply together aren't why you want this).
Loopers are a cinch to build (if I can do it, anyone can)!
Good Points: It does what it's supposed to!
Great for bypassing multi-effects that might negatively affect your signal in bypass.
Also great for non-foot-switchable pedals (voice-changers that haven't been re-housed, for instance).
...I kinda think it looks cool...
Bad Points: Occasionally, I've noticed a tiny bit of signal bleed-through with really hot signals, but this has not been a real problem... I have noticed this even with DIY loopers that use nice switches.
They seem to be becoming "collector's items", meaning sellers will sometimes hike up the prices...
...I paid more than I should have...
the only thing i find annoying is that it needs a cable plugged into it to supply power to other pedals, so it can't be used just as a power supply. easily overcome by plugging in a spare cable.
Good Points: can power up to 7 pedals.
can be used as an on/off for an effect chain.
has input/output + effects send/return
Bad Points: can't be used solely as a power supply, but it's no big problem, just a little annoying.
Good Points: powers up to 7 other pedals
can be used for an effect loop
Bad Points: none





