Yes, there are SEVERAL more effects. I used to have an 880, but now I have a 2480, and I can't remember the buttons to press. If you look in the manual under "applying loop effects" or "loop effects" or something like that, then it will show you how to use delays, reverbs, choruses, etc. If you look under "effects insert" it will show you how to use compression.
If you use a loop effect, then you can put up 2 different effects on as many channels as you want, if you use an insert, then you can only use 2 inserts on 2 channels, unless you insert it in stereo, in which case you have to use the same parameters for both tracks.
It's a lot to write out, but if you have the manual, it's spelled out pretty easily in there.
Hope this helps!
Darth