Just for the record, the Digitech "Vocalist Access" only costs around $300-400. There are lots of choices UNDER $500 that are superior to the "on board" units. The only real high end one that I know of is the Helicon, and that's not in my future bause of size. (2 rack spaces)I's not even a great studio piece because it only has TWO outputs!
The psr2k is a giant compromise all the way, but at the price it sells for - it's a fabulous buy for the giging musician, or the serious hobbyist.