I'm lucky enough to have enough non-identical modules to create quite
 a few voices. So you could say I'm running polyphonically but I would
 characterize what I'm doing as multitimbral and monophonic. I'm
 certainly not playing changing chords like on my polysynths. (I'm not
 counting the use of several VCOs in an otherwise mono voice as a chord).
 On the surface it seems like you could just get a bunch of Dark
 Energy modules or something similar and a multichannel MIDI to CV
 interface with polyphonic assignment of voices and think you have a
 polyphonic modular... well to me at least one big aspect is totally
 missing in the polyphonic puzzle... how in the world do you change
 the sound in unison other than slowly manually going up to each voice
 and changing one parameter at a time. What I at least feel is
 essential in a poly modular is the ability to control all the voices
 from a common set of controls..
 With a fixed architecture voice there has been an answer since the
 1970s. If you build a voice where every parameter is voltage
 controlled you can use a set of common controls on them or even a
 microprocessor could store every parameter for later recall. The
 stumbling block in a poly modular is the patchability.
 Florian mentions the SEM. They were built by adding extra hardware
 into the Oberheim Two, Four and Eight etc. voice polysynths. It's
 worth noting that they were not intended as modular synths. But an
 interesting aspect is the individual voices can be easily "patched
 out" modular style, as Tom Oberheim is offering this year as a
 configuration. One thing I and I'm sure others were thinking when he
 announced them was if he or a third party will make a a poly voice
 assigner (maybe the midi units are chainable I'm not sure) and then
 what existed in the 70s but hasn't been reissued is the programmer
 which attempts to send parameter values to each voice module.
 Unfortunately it didn't deal with every parameter let alone the patch
 cords.
 The Korg PS series took a very unique approach. It does not allocate
 voices like nearly all polysynths including the Obergheim polys do.
 You get a separate VCF and VCA for each key but there is a set of 12
 (24 or 36 for the 3200 and 3300) shared tunable oscillators with
 octave dividers and which is more an organ approach than a VCO style
 approach. The 3200 had memory recall of knob position. The patch
 field that qualifies it as a semi modular is not polyphonic.
 I believe polyfusion back in the 70s has a polyphonic CV keyboard but
 correct me if I'm wrong, nothing else supporting polyphony so it was
 change every parameter and patchord manually.
 Emu had a poly keyboard and a programmer that could store a few
 values so I guess that was a start but incomplete. I see Cyndustries
 has a simple module with some small groups of CV values
 In the early 80s you started to see polysynths with matrix
 modulation, which was steps toward a modular but not actually a
 modular. These synths added a lot more modulation options but the
 underlying architecture was still fixed and the matrix exists more or
 less within a CPU.
 Considering the limitations and hybrid technology in the Korg PS I
 don't really think the approach is that similar to the Nord Modular.
 The Nord Modular is virtual. As long as there is computing power
 available you just add an instance of the whole thing. Nothing is
 physical.
 It was funny to see the reproduction of smaller scale Korg Legacy
 MS-20 complete with patch cables, The hardware MS-20 was monophonic,
 The software simulation however is poly, similar to the Nord. The
 novelty twist with the Korg is the controller is a physical patch
 interface. No sound or voltage goes through the mini MS-20 but it
 senses the patch cords. and adjusts the virtual patch to include them
 I think the Buchla 200e changed things because the modules use
 encoders and most of the pots can have their settings stored and
 recalled. A few pots are just physical and are not stored as well as
 no oone has yet made a third party module that has knob recall. While
 there have been at least one matrix style storable patchbay out there
 that could be used in theory for some patch cord storage, I believe
 Buchla is the first to build one as part of a modular system. It's
 not perfect if you use many patch cords since it's a small matrix.
 You could buy a few of them though there would still be some
 compromise. It has up to 4 buses running for voices to more easily
 achieve polyphony direct from MIDI if you have enough of the same
 modules (or different modules if you don't mind).
 nick