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Loopy Llama was made to emulate the Jam Man or Line6 DL-4 - but also generates a click track so it could be used with a drummer live. It is designed to work with Plogue Bidule for live performance, but it can be used as a regular VST plugin as well.
It performs just like many hardware looper units on the market, but with a maximum loop time of 60 seconds.
Experienced loopers will recognize "endpoints" mode - where you hit the record button to start recording, and again at the end of the loop. In the other 3 record modes, you determine the tempo before you play by entering it or tapping it in onscreen or with any MIDI foot controller.
Once the tempo is set you no longer have to worry about hitting the record button precisely on a downbeat. You can play along to the click track and turn recording on and off whenever you want. You can set the number of measures to loop using a program change or onscreen. In endpoints mode this means how many clicks the metronome will make during the loop.
If you are recording, hitting reset once will "forget" what you played for one pass of a loop - so if you hit a wrong note you don't have to start over. If it not recording or you hit the reset button twice it will completely reset.