To what then do you attribute Ibanez's failure to? Their effects were actually pretty cool, and they even had the added expression pad.
I was currently typing that out (slowly).
The reason onboard FX will probably never take off is practicality. (Note: I'm not familiar with the Ibanez product).
IMO the biggest deal-killer is the instrument. I am not interested in buying a new instrument just to have onboard FX. I have overdrive engaged to some degree nearly all the time, but I'm not willing to give up my current instruments to achieve that. I play five string exclusively, and I'm fussy about string spacing (e.g. I will never buy a 5 string Music Man even though I adore the Music Man tone). And yeah, I'm also fussy about neck profile, appearance, tone (I'm a single-pickup guy). Plenty of other bass players are like me: unwilling to give up their current instruments just for FX.
Nor am I interested in modding one or more of my instruments to hold an onboard FX module, if that's the idea.
If I don't want to buy a new bass for multi-FX, and don't want to mod my current basses, the only thing I might consider is a small box that goes between instrument jack and cable plug, and that doesn't seem practical either. What other options am I missing?
Finally: even though all I ever use is overdrive, I have a dozen pedals of varying flavors. I'm aware of products such as the Source Audio Aftershock, but they don't cover the entire range of flavors (in particular the multi-band overdrives).
Current FX solutions are to use an amp head/rack rig containing FX, or put FX on the floor. I can't see how many players will switch from those to an onboard solution. Onboard has advantages of cleaner stage, and *possibly* controls within easy reach (doubtful though), but too many disadvantages.