Jim, I don't have a musicainsfriend catalog handy so I don't know how similar the 1204 and 1201 are. I paid 149.00 for mine and I think that was a good deal for what I got. I've had
a zoom 505 for my guitar for some time and that is pretty hard to beat for its range of effects and ability to vary them, and use them together. (I even wrote a windows program to keep track of all the diffeent possible patches.)
Zoom has a pretty decent drum machine as well. Anyway the 1201 has 11 different reverbs and each has 11 SUBTLE variations. You can control the reverb time and wet/dry mix. In addition it has a range of chorus, flanger, delay, pitch and interesting voice effects that can be used together or on seperate left/right channels. So with the FD-4 for example, you can use the single 1201 to give you delay on send/return 1 and reverb on send/return 2. Truthfully, I'm not all that experienced in home recording (I've just got all this stuff during the last couple months, but I think it is pretty quiet in the recordings I've made so far.