I started playing with a really amazing ipad app the other day. The Korg iMS-20 is a full on emulator for a synth, drum machine, sequencer, mixer, and effects. This is the kind of equipment I've always wanted to mess around with but never had the money or storage space to put towards it.
I think it's possible this thing may do for home music making what Roland machines did in the 80's. It enables just about anyone to have a full suite of music producing equipment at a fraction of the cost of the real gear, plus you can toss it into a backpack and take it with you anywhere.
It's just ridiculously fun to mess around with. Here's a little songlet that is the result of a bit of noodling around I did just with some of the default settings:
Echo 9 Alpha