I don't know about sitar, but the Pocketpod does all that and it can be driven through headphones or an amp or a computer over usb.
It appealed to me as something small with a tuner and a ton of effects and band/song/general presets as well as the ability to use my own settings, and as something quick to plug into where it's just me, the uke, some headphones and a lot of fun. Obviously I can plug it into the amp or the computer if I want.
The sound is great. The effects processor is tons better than the one on board the Roland Microcube I have. I think that, through headphones, the level of fun you'll have really depends on the quality of headphones. The PocketPod sounds great while driving 600ohm impedance Beyerdynamic dt990s. I'd recommend at least something at least at the level of something like an AKG 240s to really get the biggest baddest sound. I'd imagine through iBuds, it must suck a bit.
But with great headphones, a great uke, and some decent cable, hell yeah, it rocks.
Just don't get it from Ebay seller Fairdealmusic. I purchased on 6/23 and they sent on 7/1, only AFTER I complained, and with no explanation of the delay.