space echo rules
the space echo rules! got one for $65 at workhorse guitars in Austin a few years ago and it's indispensible. contrary to what foo suggests, i'd be scared to take it on tour for fear of it getting banged around, stolen etc. unless maybe i had some great roadcase for it or something.
for recording, however it's awesome. sure, listening to a vocal track soloed with the space echo on it could sound a bit noisy, but in the mix it adds a nice little gel to bring stuff together. i've often used it with very little delay but just overdriving the thing to get some distortion.
long delays sound great on synths and stuff, and messing with the speed and regeneration while it's rolling, getting the delay to feedback, etc is NOTHING that can be re-created with new digital stuff.
find one!