Behringer MDX2600 Composer Pro-XL

Yes, it's a name so cryptic that it hardly describes what the unit does. Frortunately, the box says "Interactive reference-class 2-channel expander/gate/compressor/peak limiter with integrated de-esser, dynamic enhancer and tube simulation". It's quite a mouthful. Basically I bought it as a compressor for my recording rig and it does the job well. As a bonus, it was also rather inexpensive. I plan on buying another three of these to give me a total of eight channels but, of course, this really depends on cash flow and stopping myself from buying more guitars.