Twisted Tools recently introduced Scapes - an effects processor and sound generator based on feedback.
Now they've released this in-depth look at Scapes and how it works. The video tutorial makes it much more clear what Scapes can do and offers a preview of the types of results that are possible with it.
Scapes uses six independent granular delays, extensive modulation options, a gate sequencer and familiar synth style controls to dynamically manipulate the sound. With Scapes you can create soundscapes, rhythms and sound effects.
See Sonic State's earlier post on Scapes for detailed specs.
I guess I've been trying to recreate a Korg Electribe all this time..