Flange used to need analogue tape, and then boffins squished that into a pedal
Now we're got, say, multiband distortion in a box, when it would have taken maybe different amps and mics and pedals to create that.
So whilst I don't think there are any really new effects, the technology is allowing a people to squeeze a whole studio into something the size of a few fag packets and that's where new sounds are coming from.