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Indeed Reverb quality is proportional to the CPU power, that's why even basic hardware reverbs usually sound better than even good software reverbs.
I'd say good software reverbs of the normal kind are Timeworks, Spinaudio Roomverb, Ambience and Waves, but they require much CPU.
Convolution reverbs are very powerful, as they can mimic real spaces and other reverbs (go to noisevault to find impulses of famous hardware units, damn good quality). SIR is free, and for the rest I see two good packages which are Waves IR-1 and Voxengo Pristine Space. The quality of those reverbs is as good as the impulses you use for them. But the problem again is CPU power. It's either a matter of huge latencies, or low latencies with much CPU requirements.
There are DSP cards like the Powercore and the UAD-1. They are multi effect (so not only reverb). Most people prefer the reverbs from the Powercore, although the Dreamverb on the UAD-1 isn't bad. Don't forget the latency is an issue here too (those cards have their own latencies). CPU power isn't that much, as those cards can handle quite a couple of effects.
The final solution would be to get a decent hardware unit. Say a Lexicon MPXxxx or TC M-One, which are quite cheap, but really good. You'd have a latency from the soundcard, but it would be in the same league as with the DSP cards. Of course, the software/DSP has the advantage of being able to run multiple effects at once. With a stereo hardware unit, you'll be able to run 2 effects at the same time in the best case.
Personally, I think if quality is an issue, the DSP or hardware units are the best choice, especially when tracking (effects on recording) is important. If it's only for mixing, the convolution reverbs are an option too, but if your computer isn't one of the fastest, you might need to bounce a lot.
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