I've got an Iotine Core 2, a Sherman Filterbank 2, and I just got my Analog Heat yesterday. First, I gotta say the AH is something I've been looking for from somebody for a while--I love analog distortion and filters, but the lack of presets and some of the modulation options have been missing in other devices I've had. Here are some random thoughts:
Iotine Core 2 - Pros: Great distortions! Lots of types with lots of different character. Lots of ins and outs also. The filters are nice, but they go before the distortion, which is backwards for how I like to use them.
Cons: Filters before distortion. AHR envelopes only, no envelope follower. No presets.
Sherman Filterbank2 - Pros: This thing is just insane. You can get nasty stuff out of it like nobody's business. Filter FM modulation is particularly tasty. The harmonically-related filter settings are cool, and I haven't seen anything like that anywhere else.
Cons: Not only are there no presets, but I found it impossible to get the same thing out of it twice. Hellishly noisy--with certain settings, you can actually hear the LFO. Not the modulation, the actual LFO itself, throwing off weird staticky stuff in the background. The dirt character is a single character. It sounds like that, period. You can't even really get it to clean up because the input requires a certain level to trigger properly.
With just one session with the AH, it looks to me like just want I wanted. The distortions are really cool. I got an acoustic guitar to sound like a sludge metal doomfest and threw a ton of lowpass filter modulation on top and it sounded like a thousand pissed-off UFOs landing.
Anyway, I love this thing already. It remains to be seen whether I sell the Iotine and Sherman, but for sure the AH fills a need I've had for awhile, and it's awesomely fun to boot.