I very strongly disagree! 

It's true that the world does not need models of typical analog distortion pedals: there's no point in trying to be a RAT or a tubescreamer when those are cheap and easily available.  However, there are all sorts of interesting things that can be done with distortion: bit-crushing, wave-table lookups (like the WMD GeigerCounter) , PLL tricks (like the Schumann), glitching, stuttering and so forth.

As long as Eventide do something out of the ordinary, I'm all for it!