.. indeed, and you can put individual reverbs in each track too, with automation lines if you want. that imho sounds good and is used by electronic music quite alot. this can give you some ideia of what you can get with that:
http://cortex.lems.brown.edu/~renato/sonic-art/estudo-1-sobre-Mula-Pula.mp3

i would say that "insert vs bus" effects is cool for sound treatment of acoustic music. but even so you can fly away if it sounds good, and that happens...