#2
It's mainly just a chorus/delay effect, probably a compressor too. He was running fairly dry at first. Remember he's got a full rack of effects behind him, so he's probably using a switching system like a Bradshaw or something to turn on multiple effects at once.
Gear:
1987 Charvel Model II
2010 Carvin ST300C
1990 Charvette 100
1991 Ibanez RG560M
2006 Fender Mexi Strat
Jackson/Charvel Star W/ Custom Graphics.
Ovation CP 247 Acoustic
Line 6 POD HD Pro X
Pro Tools 9

Tutorial: Studio Quality Programmed Drum Sounds