it is a general consensus around here that the effect of the 5k are the best in the mpc series.
can they compete with the DAW's? ...i personally believe that many of the effects do a very good job. the compressors definitely work, the delays definitely work, the distortion can seriously be made to work.
as for such things as the reverbs? ...sure, they are better than anything else in the mpc series, ...but can they beat a sony oxford convolution reverb effect on a pc? ...i highly doubt it.
there are also no such things a true graphic eq's that show the curves and can be deeply manipulated like on computers, ...but for what we have, ..which is much like a hardware rackmount eq, ...it actually sound very good, but must be learned to properly be used.
so sure, ...these are very high quality effects, ...but i believe that the computer market has the best effects you can get now, except of course some of those $2000+ hardware things that none of us can afford.
just my opinion.