I've just been playing around with layered MIDI arpeggiator effects. Make each one slow so they feed into each other.
Play with the legato and other stuff. I don't think you can make an fx chain with those knobs on the MIDI bin can you?

The setup sounds like this (I chose a bass-guitar-like sound because so many of you like that):

http://soundcloud.com/arachnaut/4-layer-arp-experiment

and looks like this: