There are so many great delays, that have been discontinued. The Ibanez EM5 is one of them.
It is not yet known, why the production has been stopped. Maybe it is because the M65831 chip that has been used for its circuit is not available anymore. For this delay chip is so much better than the common PT2399 chips, there is no delay that sounds like the marvelous EM5.
But the cheap plastic enclosure makes this delay pretty fragile. Doubtless, it would be much more expensive if Ibanez would have used a proper enclosure.
The schematic is pretty unique as it uses an overdrive circuit, similar to a Boss SD-1 in the delay feedback loop (with minimum gain). This clipping circuit filters the repeats and adds some girth.
The Ibanez DE-7 has a similar circuit design, as it adds some clipping in the feedback loop as well.
But it definitely sounds different.
In some way, the Eventide Rose reminds me a bit of the old Ibanez EM5. The filter cuts the high-end and adds some grit.
Or you could choose a digital delay (like the Strymon Timeline) with a feedback loop and add a Boss SD-1 or Ibanez TS-9 to the loop.
If you could find an old EM5, go and get it for it is pretty easy to implant its heart into a more stable enclosure.
Like many other guitarists, I also wish, they would reissue the Ibanez EM5 (with added modulation and tap tempo).
Maybe, someday this dream will come true…

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