No it has 17 settings. You can find one on most famous guitarists pedalboards. Satch, Tom Morello, Jimmy Page, Steve Vai, Dimebag, David Gilmour. They all have made the pedal famous. ;D Heres a picture
I want one, but I hear the old WH-1 was the best one to have. The original early 90s Wh-1s were selling for big bucks on eBay a while back, kinda like an original late 60s uni-vibe, Thomas Organ wah wah, 74 MXR Phase 90, original TS-808 Tube Screamer, and so on. I don't know if the economy has brought them back from the astronomical, as I haven't checked lately on their selling prices.
I heard that Dimebag had several and EVH's guitar tech Matt Bruck asked Grady Champion if he could buy one of Dime's old ones from him. Dimebag allegedly told him I'll give you one. At least that is the rumor. ...and after he died EVH said "...and now for my part of the bargain" as he laid the yellow and black Charvel strat in Dime's casket. (Think Kung Pow Enter The Fist).
Beast if you really want one just go buy a new one. I mean I tried them both. The Wh-1 isn't that much better for the 500$ increase. They are still ridiculous. Just go with the WH-4 it has more settings at a lower price.