The interface is simple and very user friendly. You can simply drag and drop elements to create a guitar fx chain, which can of course also be used for any other sort of instrument.
Unfortunately the guitar amps, as well as the various effect pedals all have a rather generic sound. Nothing to write home about really. I'm quite sure that no extensive modelling approach went into these processors, but rather simple standard waveshaping with added EQ. It's not bad, but it's just mediocre. Magix Vandal, which is almost ten years old, sounds much better and so do a range of freeware amps.
I like the included cabinets impulses, as well as the various reverbs and echo effects which I believe are also based on sampled impulse responses.
Unfortnately the developer has turned the product from freeware to payware, which is something I don't like. Could have kept the plugin freeware and released a completely new, overhauled product commercially. Turning freeware into payware is like giving someone a gift and then in a few months demanding money for the same gift you initially handed over for free. Don't do it.
Heads up: The version 3.7.2 installer installs what looks to actually be VST2 version 184.108.40.206, which crashes Tracktion Waveform 10 when coming back into an edit that has ToneLib in it. It's odd in that the VST2 ToneLib Help button shows version 3.7.2, yet the description that shows up in Waveform's plugin page shows 220.127.116.11.
At first I didn't realize that the VST3 version was loading into the standard C:\Program Files\Common Files\Steinberg\VST3 path, so I copied it from there into my Waveform custom plugin path, which brought it into W's VST3 plugin list. Looking at the VST3 version's description information revealed that it was indeed at 3.7.2.
I then loaded the VST3 version and it ran flawlessly in Waveform. Super grateful for this great plugin. Cheers.
Comment for HerrFornit - the default fx type on the right is Dynamics / Filter, that's why you're seeing lots of those types of effect. Click there to also choose Overdrive / Distortion, Amp simulators, Cabinets, Modulation / Sfx, Delay, Reverb. There are 11 Delays alone.