It is modelled drums, but not fully - sample assisted, so it still eats your drivespace yet not ten of gigs. Presets are loading fast though.
It has a lot of control in ways you maybe did not think of, but at the same lacks some usual controls like ADSR/Pitch Envelope.
There is bunch of neat FX, but no transient shaper. But it has easy external bus management/rounting - so you have workaround here.
Sounds good, but main attention on snares, others (especially kicks) have no such variety of controls.
It is almost unbelievable to get desired sound right out of factory presets - you need some knob mangling. Honestly, I do not remember if got immediate results with any drumkit, but it seems MODO needs to be tweaked more.
For the first drumkit - it is very expensive (unless you got it with discount at >50%). For owners of top-tier drumkits like AD/SD/BFD - MODO will not give you much, unless you are totally into process of sound tweaking.