The Morpheus contains 8MB of 16-bit samples as the starting points for its sounds.  There are 197 (!) filters to choose from, and many of these are truly phenomenal.

There are three banks of 128 sounds, and an optional data card.  The hyperpresets allow you to stack or split up to 32 sounds in a patch - very powerful.  A bit hidden in the MidiMap there are also 28 effects, including reverb, delay, chorus, phaser and flanger.  Other features include three sets of stereo outputs, user definable alternate tuning, and extensive MIDI implementation.
 

The star on this machine are undoubtedly the 197 filters.  It is possible to get thousands of "sonic colors" from them, and if you have experience with other classic E-mu modules, it is easy to navigate the editing menus, even with a small two-line display.  Some of the filters allow you to program vowel-like sounds, and morph vocal formants in real time.  There are many variations of comb filters, and even a few that add overdrive/distortion to the sound.

This is still a very interesting instrument and if you have the time/inclination for tweaking, you will have a lot of fun editing this synthesizer.  Morpheus was the Greek god of dreams, and this module will certainly make you do that with the sounds it's capable of.