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Would I be crazy for buying this...?

I know what you mean. I know dudes who would sell their kids for stuff like this Space Echo. Actually, there are a lot of modern equivalents that sound almost as good and are less trouble than the Space Echo. (I've got a Line6 M14 stompbox modeler, and it's got tons of very tasty delay clones.) Think about how important this unit is going to be to you in the long run.
 
did you get a re-20? I may go shopping Monday...

No, because I couldn't afford it at the time (though I certainly logged hours with it at the local shop), and by the time I could, I wasn't playing music that needed it.

Its still on top of my shortlist of gear I'd like to buy, though. No, its not a real tape echo (and I actually had a dream about one last night...), but I'd still get one over a real tape machine--no tapes to replace, no dealing with vintage gear, etc.
 
I have a Roland Space echo RE-201 and the Boss Reissue pedal, I use them for guitar. While the pedal is easy to lug around and has the tap function as well as the crazy roll-the-knobs-and-go-nuts mode accessible simply by pressing down on the pedal, it's not the same thing. First of all, it picks up noise from the pedal board and delays THAT as well which is annoying. You have to take care of power source filtering or add a noise gate in the chain. If you want a hi-fi tape echo sound, look at Carl Martin DeLayla or something like that (analog delay pedal). The RE-201 delay sound is chorusy if there is any wear on the tape - then again this may be the desired effect. One great thing about the RE-201 is that it has a spring reverb as well, and it sounds great blended with the tape delay. The other great feature is the "9" setting (if I recall correctly) that skips one of the repeat heads and gets you a very 70's Pink Floyd delay sound.
 
Okay, here's one for all you echoheads.

Take an RE-150
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Plug a guitar into the instrument input jack (circled bluey-green), and an amp into the echo output jack (circled red), finally plug the footswitch in (dead center jack). Basically, do everything as you normally would.

Next, take a Roland DC-20
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Run a patch cable, from one of the mic inputs on the RE-150, to the direct output of the DC-20 (second jack from the right, circled black). Yes I said direct, as in dry, not wet/echo.

What would happen, what effect would the DC-20 (with nothing running into it) have on the RE-150? Wata certainly seems to think it does something cool.
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Here it just gets a little bit crazy. She seems to be running the bottom RE-150, with the usual instrument input, echo output and footswitch used (presumably to guitar, amp and footswitch respectively), with the first mic input connected to the direct (dry) output of the DC-20 and the second connected to the echo (wet) output of the top RE-150. The top RE-150 has no footswitch connected and appears to have a lead running to the instrument input, though I cannot see where that's going in these pics. Maybe her keyboards?

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There's a good chance I'm wrong about some of this, but that's the best I can come up with anyway.