http://www.eetimes.com/sys/news/OEG20030124S0035
If all goes well for a small band of engineers at Gibson Labs in Sunnyvale, Calif., this will be the year they put commercial electric guitars on an Ethernet network for the first time.
its an interesting idea, i never jumped onto midi because it is current-controlled, and having dozens of foot pedals lying around was not very convenient.

im not so sure ethernet technology is entirely appropriate. yes its easy and its a standard, but it's based on probability and is subject to packet loss which will detract from the constant bitrate needed for analog sound.

on the other hand, digital PC processing should somewhat improve delay times associated with current digital effects. using software instead of proprietary hardware should prevent your investment from quickly becoming obsolete.