MIDI is a digital language (or code) that allows a computer to store almost all of the elements of what you play. Parameters like pitch, loudness and duration are digitized, and can be manipulated later to sound like another instrument entirely. Of all instruments, the violin family is the most difficult to digitize accurately. Unlike the fret of a guitar or the key of a piano
, we have an infinite range of pitches that we can play expressively and the subtle inflections made with the bow, makes it even more difficult . Unfortunately it is not currently in production. Because of the great expense and difficulty, consider going MIDI only if you want to sound like another instrument, like a flute or harpsichord! If you want to play with wild sounds, you will probably be satisfied with the much cheaper effects processors.
For the most bang for your buck (especially if you're just getting started with effects) try a multi-effects processor. Most of them will give you between fifty and a hundred different settings, from mild reverbs and delays to the heaviest of hardcore distortion and overdrives tones. As you play with them, you will discover your favorites, and start getting a feel for which effects work best with your style of playing.