Tom - yes, the EM200 has it. It's really a cool tool. I use to use it alot when I was playing Roland gear. I believe it's in the upper left hand corner, next to the screen on your keyboard. Think it's called "chord loop"....or something similar.
With easy 3 or 4 chord tunes, it's very easy to record the sequence, and hit the auto loop button - that frees up your hands to do other stuff - use the mod wheels, pitch bend, whatever. I use to play "Sleepwalk" with it. I recorded the l vi lV V7 progression, then hit the loop - and I could use the pitch bender to get the guitar to sliiiiiiide the way Santo & Johnny did.Neat.