"Rare Kay Les Paul with onboard effects. Collectors item". OK, so I realise that as a seller on eBay you have to apply a certain amount of spin when listing your item, but really, these guitars are neither rare nor what would ordinarily be considered a collectors item. Seriously, these come up for sale all the time, and the fees slapped on them are somewhat optimistic. The singer/guitarist in a band I was in several years ago had one of these. It was alright, I suppose, but no great shakes. (It couldn't have been that great because he always wanted to borrow one of my Fenders.) The on-board effects were gimmicky and largely unusable.
What nearly everyone seems to forget, however, is that the guitar isn't an Les Paul copy per se, but is modelled after the Roland GS500 controller for Roland's very first guitar synthesizer, the GR500, which was introduced in 1978. This was back in the day when any new and exciting guitar spawned Japanese-made imitations - in this instance the guitar that was being "copied" was also Japanese. Obviously, it would have been prohibitive to make it a guitar synth, hence the on-board effects as a suitably high-tech alternative.
G L Wilson