4338 posts since 18 Aug, 2007, from NYC
Okay, so I got hooked and read bits and pieces from the thread... I have to admit that I wasn't aware of HOFA's IQ-Reverb plugin.
Now that I've looked at it, the only useful thing I see included is the "positioner" feature which is not all that relevant outside of sound design. The money is not an exuberant amount for a good reverb, but I personally don't see the reason to buy it other than it looks cool... that 3D centerpiece looks lovely but not exactly the most useful tool (outside of sound design work, and even then it's still a bit gimicky).
If I'm going to spend good money on a convolution reverb it's because it comes with an amazing set of IR's (like Altiverb).
Otherwise, Reverberate is an amazing tool (with an ugly, ugly interface, IMO of course) and extremely affordable. For the money saved, you can easily spend on expanding your IR library.
Otherwise, for algo reverbs there are so many choices and I think Sean makes some great points (many of them over my head). Grainy reverbs definitely have their place as do reverbs full of character like VVV, which I just picked up. I also love 2Caudio's Aether but for more pristine realistic settings (even though yes, they are 100% fake). I had ValhallaRoom before (and will probably be picking it up again soon) and I think between VRoom, VVV, Aether and Convo reverb (I use Reverberate) I will be happy. I doubt I could ever just use one since there are so many different results among reverbs and they all can work in a project.