I've got a PSM-5 and I always thought it was buffered, whether the loop is engaged or not but someone has one on ebay and he says that when the loop isn't engaged, it's true bypass. Can anyone confirm or refute this? If it's right, the PSM could be even more useful for me.
You are both right - the PSM-5 has the same buffer system as all the other Boss pedals. This means that when the loop is turned off, you have the same amount of buffers as you would have if you'd have had just one of the pedals (turned off) in the chain. This is good, if you often play with all the pedals off (as all you really need is one good buffer, instead of two in each pedal). The downside is that when you activate the loop, you have to live with the extra buffer stages the PSM-5 introduces.
Anyway - to make a long story short: unless the pedal on ebay is modified to TB, he's dead wrong.