Esh, thanks for the link to more information on Bandstand. I will make the investment as soon as it becomes available.
If you use Bandstand as a VST Instrument within a host such as forte Ensemble you can then add any effects you like (reverb, chorus, delays, equalization and so on). In recent times I have used the effects that come with Cakewalk Sonar, namely Sonitus Effects. I would consider these effects of moderate quality but better than anything you would find on an arranger, workstation or module. Also when you use it as a VST you can also load other VSTs (kontakt) for say your lead or melody voices.