Take 16 real analogue filters, put them into a rack with a control software in your computer and a USB connection to link it and you've got the thing.
Add the Waldorf Rot Analog Filter Step Sequencer, a pattern based step sequencer (for cutoff and resonance along dynamics).
AFB16 versions of the Waldorf PPG wave 2.V and Waldorf D-pole plugins are in developement, so there's some DSP inside too. A good alternative to a real PPG ?

It seems that Waldorf is issuing the filterbank of the Q+ in a 2U rack… As a kind of a big rackable dongle.

16 Low pass filters, 12-24 dB, with self oscillation and overdrive.
Developement kit available free from Waldorf
OS9 and OSX, USB 2.0 (with PCI card then) and 128 Mo of RAM

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