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The long and the short of the GS-201 is that it's a great delay effect for imparting character to your tracks. It's not a clean digital delay by any means, and if you want tempo synched echos you need to do a little math. Some would call this a problem, to my ears and my way of working, it's very much a positive feature. I hated doing the review scores below because the GS-201 is a little unpredictable but in a good way, it doesn't have feature bloat, and it doesn't really require presets. It's a one trick pony, but it's a very good trick! You don't need any documentation, and you don't need to fiddle with knobs. In this way, it has some of the "set it and forget it" qualities of good hardware.
I tried the demo of the GS-201 alongside some of the most well-received delay plugins including Michat's Reaktor plugin emulation of the SpaceEcho, the Interruptor's bionic delay, Tal-Dub II, e-phonic's RetroDelay, the Cakewalk Sonitus Suite delay, and the delay on my Vox AD30. These are all delays that I like a lot, but I found that there was something in the timbre of the GS-201 that none of the other delays could produce. I haven't used a real Space Echo so I can't comment on the authenticity of the sound, but I definitely did not hear any nasty digital artifacts. My biggest test for effects is whether they sound good enough that I want to just set the knobs in one position and play music without tweaking endlessly to get a sound that works. The GS-201 passed this test with flying colors.
One of the most interesting features that sets this delay unit apart is the option to use three different qualities of tape. The sounds for the tape quality vary from a relatively clean tape sound with a hair of overdrive to a pillow of sound that functions more like a reverb than a delay. The ambient wash on the repeats is beautiful. For the price is this a no-brainer.