Check out some demos for Strymon Mobius and Timeline stomps. The range of modulation and delay effects is pretty broad - even just the variety of trem effects is quite impressive. I don't mind the FX on the KPA - and use them a lot but there is definitely some scope to develop them further.
If the KPA eventually gets a proper computer based editor there are some interesting possibilities. You could have dedicated GUIs for individual FX - just like we use for VST or AU plugins in DAWs. So, instead of paging through 12 pages of parameters as we do on the KPA you could have a large well designed GUI for delays or verbs with the various models (eg room, spring, plate etc) and parameters all in one easily viewable display. You might be able to switch models and retain your basic parameters - eg reverb time etc.
This last is possibly a stretch but, given that GUIs like these and DSP code have been developed by many plugin developers already, perhaps they could be adapted to the KPA. ie some third party involvement/licensing of algorithms so that not all of is has to be done in house. Of course, if CK and the guys can do it better there is no need. Coding for Intel processors is obviously not going to be instantly translatable to DSP chips either.