Oh my god, I just had a look at some screens of the upcoming Hobnox-Tools and I so much want to play around with that thing. There will be different virtual music machines, like a Roland 303 or a 909 and a bunch of effects which you can plug together. The amazing thing about it is: the sound engine is not build upon samples but the whole synthesizing process is emulated in flash!

As André Michelle, one of the developers writes: “The underlying audio engine is based on dynamic digital signal processing to provide very complex audio compositing in Flash. The graphical user interface is based on an unlimited sized desktop to layout your choosen devices as you wish to operate.” And here is another post by Joa, one of the flash developers.
David (Echolot.tumblr) has some more insights about how the whole Hobnox thing is going to continue.

Register now on Hobnox to be part of the closed Beta (including audio tool, live streaming and community features), starting from 1st of march – after that date, betatesting will only be possible via invitations by registered users!