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The Alesis QuadraVerb is a 16Hz-20kHz bandwidth stereo programmable effects box with four digital effects (EQ, Pitch Change, Delay, Reverb). The effects can be used in parallel or in serial (or a combination). Specs say the dynamic range is 85dB, less than .1% distortion. Processor speed is 24 MIPS (no Z80 in this baby!). Conversion scheme is 16-bit linear PCM. It's fully MIDI-fied. 

Some features:
Touch sensitive (multi-speed!) programming buttons. Many have integral LED so you know what mode you're in. If you press harder you move the parameter faster.
2x16 character LCD display.
Stores 100 programs. Comes with 90 (in ROM) that you can overlay into the RAM. At any time you can recall one or all the ROM programs into RAM.
Real-time control of 8 simultaneous parameters via MIDI (you pick the controller type and the parameter it controls).
All functions, parameters and volume levels are programmable per program.
Stereo In/Out (via four 1/4 inch jacks).
Effect bypass jack on the back (as well as a button on the front).
You can name your programs (up to 14 characters).