You can actually program 2 effects to be filtered. It has great MIDI capabilities. Everything is midiable. There is an on-board sequencer, but it is cumbersome and much less preferable to computers. Other great features include a built-in mixer screen to balance the 16 parts.
Some instruments are very good, including some brass, reeds, and horns.
Others are so-so. The piano is pretty good, but I have found a better one on the new Alesis QS series. Guitars are very good, as are basses. Drums are VERY realistic. On-board effects are very nice.