I was squarely in the "It's been done before" camp. But now I'm thinking that Eventide has all of the tools to come up with a variation that's unique, musical and useful. So, let's see what's in store.
Forced feedback is a good thought. Or morphing between flavors of distortion. Multiband distortion and/or octaving + pitch effects also come to mind. I agree that Eventide should focus on separation from the rest of the pack. How about some modulation or sequencing influence over select distortion parameters?