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Live processing w/ plugins (Was: Re: Very Good News!!!!!! Looping software!!! ComeOn !!!)

This news from PSP is very exciting....and I feel very secure knowing that
Dr. Z, et.al. are going to contribute ideas.
I'd like to start a related thread about using computers and plugins as
real-time processors of live audio. The PSP "Lexicons" are ideal for
inserting into apps like Bias' VBox and tc Spark's FX Machine, both of
which have given me very acceptable latency  for live guitar processing in
OSX. What seems to me to be missing is a really rich soft-structure for
hosting plugins. I want to see a plug-in shell that accepts MIDI
controllers and offers a mod matrix and built-in modulators, like LFOs,
envelops, and even timelines with graphical editing, available to all
plugin and routing parameters, streamlined for live audio use, not within a
sequencer. We seem to be on the verge of this, with programs like the ones
I mentioned, plus Live and RTPlayer...but no one that I'm aware of has
brought it all together...maybe PSP would be interested?