The Open Music Labs MICrODEC is an ambitious new DIY project that lets you create a programmable digital effects processor.
It comes standard with a variety of effects:
If you don't like the effects it's loaded with, though, you can come up with your own, because the design is open source.
Here's a video introduction to the MICrODEC:
Pricing and Availability
The MICrODEC is available now as a basic kit for $129. The case and some other parts are optional.
A quick look and listen to the new Studio Electronics collab