So I was going to buy a #1 Echo, but then I seen that the Memory Boy is the same price but with chorus/vibrato. Since they are from Electro-Harmonix, I was wondering what the difference was?

Having asked that, I'd also like to know if there is a better delay out there for the same or cheaper price?
memory boy is analogue #1 echo is digital.

Memory boy has a shorter delay time.

But ive not seen anyone with the #1 echo, but everyone has a memory boy.
#1 Echo is a pretty damn sterile delay (and this is coming from a guy who loves the DD-6...) while the Memory Boy has darker sounding repeats and can get pretty weird, but has a shorter delay time. It depends what kinda thing you're looking for
Pitchblack - Fulltone Octafuzz - Hardwire OD - Blakemore Effects Deus Ex Machina - MXR Micro Chorus - Diamond Memory Lane Jr - EHX SMMH - Neunaber Wet
I just googled the differences between the delays and found THIS. I didn't even know there was a difference between digital and analog. I think I go for a memory boy. I think it suits my needs pretty well.

Thanks for the help all.
I find the most useful thing for echo is tap tempo if you play live. I would look for something with it. I got a line6 echo park, its pretty good, digital, analogue and tape settings with modulation and presets. Its about $150 though.