Once the sound source has been digitally recorded to the hard disk it
seems the options for effects (reverb, gain maximizing, hard limiting,
etc.) a

1. software effects that come bundled with the recording software
2. third party effects (e.g., Waves)
3. hardware digital effects (digital out on software mix buss to
digital hardware effects and back in on digital in)

Once digitized, one would not want to go back to analog for an effect,
so analog effects are ruled out, right?

Can software effects get you results that compare to a hardware unit?
Are third party effects so superior to the bundled effects to warrant
the cost?

Opinions? Experiences?

Thanks!!