In case no-one has tried it, this is the closest thing to two reel-to-reels that exists. I sold mine a few months ago when times got hard, and bought one again after a month or so as soon as I could afford it, that's how much I missed it.
Nothing I can say will be as useful as the site (http://www.strymon.net/products/elcapistan/) but it has not only regeneration levels, it emulates tape age, wow, flutter, crinkle, bias, low end sensitivity and even has a spring reverb in there as well. You can also choose the time length on and off. If you have a "favourite setting" external pedal you can even kick-in the sound of the tape stuffing up.
Speaking as someone who first put two really crappy reel-to-reels together in 1974, I can say that there is nothing as close to this I have encountered.