Big problem with low-end rack effects is they are mainly digital anyway, and the stuff that is floating around in the low-end is generally lower quality digital than you can download free VSTs. So I view that as a waste.
Comps, sure if you need one, but again the cheapo rack stuff isn't better than freeware VSTs. You need at least RNC quality, if you really need a tracking compressor. If you are recording yourself in your free time, you shouldn't. Recording bands professionally, probably you do.
Reverbs . . . well the fun reverbs I was talking about are real hardware, with springs (you don't want to use a spring too often though) and if you are really crazy, plates.
EQ, whatever. If you are going hardware, you probably have EQ on your board. If not, I'd think you'd want to use a different board. A&H MWs can be found cheap and have useful EQs. Mackies . . . eh, I get stuck using those too often
If you have tons of money and can afford the sexy outboard stuff, you probably wouldn't be asking the question.
I have a simple solution to the "I don't like to look at my monitor" problem: bizarrely, my mains are behind me, so I have to turn around for critical listening (I can reorient my desk if I feel like it, but I usually don't). Therefore, I am looking neither at LCDs nor power-sucking racks full of blinky lights and old-skool VUs lit by incandescents.
Also, I'm really drunk