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Originally Posted by terminal3  Cool post, Sean. So what about something like Virsyn's REFLECT? E_REFLECT |
I think that the approach used in this plugin is a great idea. Convolution for the early reflections, plus an algorithmically generated tail, allows for the precise imaging of the first 150 milliseconds which is critical for the impression of a physical space. The late reverberation is handled by some sort of recursive delay process, which allows for the time variation needed for a realistic large space model, or the nonrealistic yet super cool sounds of excess modulation. You will also have a fixed CPU cost for the process, as the convolution is only used for the early signal, and a constant cost algorithm is used for the tail.
Such an approach could probably be approximated in many modern DAWs, by using the built in convolution reverb for the early reflections, and an algorithmic reverb plugin in series or parallel for the late decay. In Logic, you could use Space Designer, and truncate an impulse response so it quickly fades away after the first 100 to 200 msec. The late reverb could be handled by something like Silververb (which has decent modulation if you set the phase to -180 degrees between channels), the free TC reverb in this thread, or of course the great and mighty
Eos. 
You will need to match the level between the two algorithms, but this is the case with most algorithms that use early reflections as a separate process.