Mine sounds alright with effects, but it's not doing anything over-the-top like 4-cable method or anything along those lines.
I have a Wampler Compressor and a Wylde OD on the front end, and in the loop I have Rocktron delay, Rocktron Reverb, and Wylde Chorus. It works well enough, but I'm not that into effects so your mileage may vary.
I can't comment on the Micro, but otherwise I think I'm in agreement with PurpleDC. It's one of those amps like a Mark V where you need to know what you're doing or you can quickly make it sound rather undesirable. And yes, you have to mind the treble and bright controls, or you can get into the world of fizzy high-end. The Vintage 30s in my Mesa Recto cabs aren't especially shrill on the treble end, but some speakers might not deal well if you crank up the bright side on the V3. So I guess the solution is this: don't.
Great amp, but yeah, maybe not for everyone.