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Okay, i'll weigh in on this quickly. Just yesterday I scored the MPX500, after much internal and external debate with myself and others! I was initially leaning toward the 500 when I saw the press release on the Lexicon site, then I picked up Sound on Sound, read the review three times, also read the review for T.C.'s M-One. Then went over to Sam Ash and started working dials. I also had the opportunity to twiddle with the M1 which is quite impressive,...the one problem I had with the MPX1 was the "looping" capability, a whopping 2.2 seconds in mono!, why did the fine folks at Lexicon go there, it's such a waste of memory, yes and this unit has two processing chips, but there are limitations when using an EQ setting whilst attempting to get a nice reverb or delay going,....so my thought was why bother putting in an eq. which has these limitations? The MPX 500 does not have eq programs, but that enables one to utilize the effects that are onboard a lot easier and with more flexibility. Oh yeah and the delay, though not a looper, is 5.5 seconds in mono! Ultimately, what struck me is that the MPX 500 came out well after the MPX 1, i'm sure the craftspeople at Lexicon listened to what reviewers and musicians said about a few of the limitations of the 1 and took that into account when designing the 500. Thus, creating a nice unit. Reverbs, yes, very nice on both units, the M1 has the edge on that account, but I was looking for a performance unit overall. I say go down to your local music store and start turning dials, pressing pads and don't stop until they kick you out. That's what sold me! Cheers, Pedro