Lexicon MPX500=good loop mangler?

[Mark Sottilaro <sine@zerocrossing.net>]

I tell ya, all this talk about learning to use the gear you have is 
starting to make me a little sick.

So here's my deal.  I'm looking for the "perfect" processor to put in 
the stereo effects loop of my Repeater.  Since I know "perfect" doesn't 
exist, I'll settle for less.  I'm thinking of the Lexicon MPX500.  
Anyone with experience with that baby?

Here's some of what I'd like to see:

Stereo ins and outs a must.

Line level operation a must.  (getting the levels right for the Vortex 
was a bitch)

MIDI synchable effects.  I really liked the Lexicon Vortex for synched 
effects, but having to deal with that tap tempo all the time drove me 
nuts.  Need to keep my hands on my guitar!

Some good meat and potato effects and some wacky stuff.  Ping Ponging 
delays of maddness.  Nice sweep filters.

A SINGLE rack space.  (it's all I have left and I will not go back to 
two racks!)

Good sound quality.  Hell, it's replacing a Digitech DSP128, so if it's 
as good or better than that I'm set.  I guess my priorities lie with 
loop *manglege*

So that's it.  I've had thoughts about waiting for the KAOSS pad II 
(anyone have an inkling as to when this is going to be released?), but 
would like to keep it in the rack as much as I can.