I've got the TC Electronic M one XL and I like it pretty well. It costs about $400.00 U.S. I't not bad for a fairly low cost unit. Decent reverbs and it has the usual delays and chorus; flange; pitch-shift; parametric EQ; compressor/limiter; gate/expander; de-esser; tremolo; and phaser. You can run two effects in parallell or series which is usefull if you are multitracking (you can run two different reverbs at once for example).
Anyway, here's a review from Sound on Sound Magazine 2002:
http://www.soundonsound.com/sos/Apr0...8ca243e3fbe630
There are better units but they will flatten your wallet more
Joe