I think the first step in a successful project is laying out what it is you want to achieve.
Or what are you achieving that you couldn't do better another way? Are the effects pluggins you would be using any better/worse than a Zoom MS-60b or similar cheap MFX?
What could you do that no-one else is doing, or doing well?
Or is it an exercise in using your programming chops for something cool? I dunno, I'm skeptical of such an open brief.
One of the cool projects/products I saw was the little Robbie pilot - essentially a pre programmed midi controller for HX stomp - but also really clever in that it made a complex bit of functionality really simple and allowed you to do things simply that previously were difficult.