I've had this pedal for several months now. It replaced my first chorus pedal which I disemboweled and stuffed into a new housing. I picked it up used on eBay for around $40, and I like the sound of this pedal. Like all Boss pedals it is built like a brick. Here is a link to the owner's manual, and here is a video of a much better bass player than myself giving the pedal a workout:
It has the same basic controls as the FAB Chorus (Level, Rate and Depth), but I'd say they have more adjustability and more impact on the sound than those of the FAB. In addition, the CEB-3 has a low pass filter which you can use to determine what frequency range is subject to the chorus. Another interesting feature is the additional output jack for stereo output if you are running two amps. I've never messed around with it, but the BP80 has a stereo output option as well, and so does my pedalboard. In the interest of full disclosure, here is a video that shows it in action, though I'm not sure how well it translates to computer speakers. In front of two amps, I'm sure it sounds cool.
Like I said before, it is a great sounding pedal. I use it mostly to add (subtle) fatness to my sound, nothing too radical, though you can definitely make some crazy vibrato noises with this thing if that's how you roll. As far as utility goes, I probably use this pedal the most, not counting my overdrive and compressor (both of which I leave on almost all the time) and my tuner (which is just mandatory). Check it out if you are in the market for a decent chorus pedal.