The M224STD is a digital reverb and effects processor made by Lexicon Pro, a company whose name has long been associated with studio reverb. As a rack unit rather than a stompbox, it sits in an amp rig or studio chain and adds reverb and other effects to a guitar, bass or mixed signal. Lexicon's own product page lists it as a "Digital Reverb/Effects Processor"1.
Status
The M224STD is discontinued, so it is no longer in current production and players looking for one are dealing with the used market1. Lexicon's processor line has continued through other models, including the PCM92, PCM91, PCM96 and PCM96 Surround, and the company has also made multi-effects units such as the M480L1.
Where it fits for a player
A digital reverb and effects processor of this kind is the rack-mounted counterpart to the pedals on a board: instead of a footswitch on the floor, the unit is patched into an effects loop or recording chain and set from its front panel1. If you are weighing rack reverb against pedals, the Reverb Pedals page covers the pedal-side alternatives.