I have fashioned a proto board that I can solder DACs to. I may place this unit into a proper 5U module if performance turn out tight and tidy enough. The DACs are 12bit which produces a fairly smooth sinusoidal waveform. So CV control will be accurate enough for 1v/octave pitch control.
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Arduino - Midi to CV Arpeggiator

Using an Arduino Duemilanove, Spark Fun Midi Shield, and some 12-bit resolution DACs to convert various MIDI messages.

Features:
Arpeggiator
1v/octave control voltage output
+- 5v gate trigger output
Channel Pressure (Aftertouch) to CV out
Start/Stop
Midi In/Out

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Brian Tuley
Electronic Engineer Brentwood, CA