When you are looking at upgrading there are two principles to keep in mind. The first is that the closer in the signal chain you invest to the musician, the better return on your investment. For example, better instruments above anything else, better mics before preamp, etc. The second principle is that gear that converts signals from one form to another aka transducers provide a more noticable difference than processors. This works hand in hand with the first principle. For example gear like guitars that convert vibrating strings into electical signals, mics that convert sound waves into electrical signals, an audio interface that converts analog into digital and digital into analog, and monitors that convert electrical signals into sound waves will all give you a better return on your investment dollars than things like outboard compressors, eqs, effects, etc.