Here's another great Max for Live audio effect by Amazing Noises a.k.a. Maurizio Giri, known for his books on programming with Max and more recently the much lauded Dark Synth. The 'Granular Mirror Maze' is a granular modulated feedback delay/reverberator and can create some really great effects and pad sounds.
Watch the demo video:
This way for heaps more Max for Live devices & tips.