Pagelli has made a guitar with an Alesis AirFX built into it... Now that's way more cool
Edit: I remember now it was called the "Avantair" guitar. Here are some specs:
«AVANTAIR»-Guitar
The guitar, called «Avantair», includes an Alesis «Airfx».
By just moving your hand while playing towards the sensor, you can easily change all the parameters of the built-in effects!
The effects are:
Whammy, Tremolo, Chorus, Phraser, Flanger, Wah-Wah, Touch Wah, Seeker, Ringmodulation, Tonegenerator and spec. Effects. Holdpossibility of the changed effect.
No knowledge of programming is necessary.
Just plug in and play neverheard sounds!
Of course you can use the «Avantair» as a normal guitar. (Bypass-Switch)
(http://www.pagelli.com/e/4allerhand/news_fr.html)