Korg ToneWorks Ax1500G multi-processor. I payed $300 USD for it new, but they've dropped down to $200 USD now, which is a
great deal.
Korg Toneworks AX1500G Modeling Signal Processor
It's made of stainless steal, and is seemingly indestructible to the torture I've accidently forced on it. But as for amp and cabinet modeling, it's great! Has quite a few freaky effects to add: 4 different types of Phaser, 2 types of Chorus, 2 types of Univibe, Ringmod, Vox wah, Traveling Wah, Simulated (pedal controlled) talkbox, pitch bender, auto wah, filtron, and on and on. It has TONS. Right/Left channel stereo output, along with mono. Stereo effects that sound AWESOME when you have 2 amps hooked to it. Tons of delay and reverb. I could go on forever! Just go to the link, and see for yourself.