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Loop effects: Can software be as good as good hardware?

All this talk about Eclipse/Fireworx vs. Max/Reaktor
made me think, surely dedicated hardware must sound a
lot better, no?  Perhaps software is way more flexible
but is it as good?  If all you got from hardware was
lower latency I'd imagine ebay would be flooded with
effects processors to the point people couldn't give
them away.  I'm excited about what my humble laptop
can do but will it rival even my modest Lexicon MPX1
in terms of sound quality?


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