In the words of Boss:

Infinitely inspiring, the RC-505 Loop Station has become an essential performance instrument for beatboxers, singers, and club performers around the world. Filled with new features requested by top users, the Version 2.0 update brings even more creative power to the flagship tabletop looper. Simultaneous effects can now be used in the Input FX and Track FX sections, and a number of new effects types are included. Many refinements to the loop functionality offer a multitude of ways to enhance and improve live performances. The control target functions have been greatly expanded as well, providing a wealth of external control options for musicians who loop with guitars, keyboards, and other instruments.