Looks like the Line6 GuitarPort has just gotten an freeware rival:

Justin Frankel of Winamp and Gnutella (and Waste, sheesh!) fame has a new project�and it could be his most wicked yet. The Jesusonic CrusFX 1000 is a prototype effects processor for musicians, designed to run the text-based Jesusonic software (available for download on the Jesusonic website). Each button on the prototype triggers a different, linking effect, and new effects algorithms can be coded and compiled in real time for testing.
(via Gizmodo and blog.zog.org)

Mmmm, toys …