The Korg Wavestation A/D is the rackmount incarnation of the Wavestation keyboard, with a few extra features to boot. The A/D features two channels of analog to digital conversion (hence its name) to allow external sounds to be processed, and has an extra bank of RAM for storing both patches and wavesequences.
The Wavestation's claim to fame is its combination of vector synthesis [ala Sequential Circuits' Prophet VS] and unique form of wavesequencing. While it's true that Scott Peterson and John Bowen, contributors to the original Prophet VS project, were on the Wavestation's design team, the Wavestation bears little physical or sonic resemblence to the Prophet VS. The Wavestation features wavesequences, which are chains of PCM samples with programmable durations and cross-fade times. Four wavesequences, each with it's own filter and amplitude can then be mixed via a programmable vector sequence. This differs from the Prophet VS which features vector mixing of four static waveforms through a single shared filter. Synthesists with warped minds will appreciate the ability to use two external sound sources as waveforms for the wavesequences. Up to four wavesequences or PCM samples each with its own filter parameters, LFOs, and envelopes, along with associated vector sequence make up a patch. Up to eight patches can be stacked or split and saved as a performance. Two independent effects processors are available, with a variety of reverbs, delays, choruses, and special effects. The processors can operate in series, parallel, or when using the vocoder algorithm, as one processor. The vocoder algorithm can utilize internal waveforms and more importantly, the two external inputs. All effects parameters are saved at the performance level. The Wavestation A/D can store up to 32 wavesequences, 35 patches, and 50 performances per bank. The A/D features one ROM bank and three RAM banks along with two card slots, one for an additional two banks of patch storage, and the other for additional PCM waveforms. While the nice large display of the Wavestation makes for pleasant editing, an external editor is especially handy for serious programmers. A small side note here: curiously, the Wavestation's user interface is identical to the Sequential Prophet 3000 sampler. The Wavestation features an extensive MIDI implementation, with the ability to sync both wavesequences, effects processors, and LFOs to MIDI clock. I love my Wave A/D, and use it extensively in a variety of music styles. My only word of warning is to delete all the factory patches before ever plugging the unit into a mixer. The factory patches have been abused in every motion picture and television soundtrack, and are cliched to say the least. For a new sonic palette, download some great patches from Ben Hall in the following patch directory.

Wavestation Patch Directory
Steve Smith's Wavestation Page
WSEdit Wavestation Editor for Windows