Roland SP-404

Roland SP-404 - Phrase sampler with built-in multi-effects.  I had two main reasons for buying this: for drum sequencing (you can load it with any drum kit you like via compactflash), and for real-time eq/isolation of bass/mid-range/treble.  I've also found it good for real-time effects processing of outboard instruments.  The ring-mod alone is worth its weight in gold.
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