That being said, the Whammy is not an effect you want going all the time, it can be a bit piercing to the ears and overuse is very obvious. There's also a couple of effects like the deep chorusing effect or the dive bomb which are just borderline unusable - but the classic pitch shifting and harmony stuff is iconic.
I previously owned a Whammy IV, plus I've had a good go of other brands imitations such as the Morpheus Bomber. For me, the Whammy V feels like it's simply adding the more modern algorithm of a pedal like the Bomber to the original. Being able to switch between them is a welcome feature and instantly makes the Bomber a fairly pointless competitor.
Watch the video for more thoughts, and make sure your sound isn't up too loud.