Well, that would depend on how you would define 'moderately cost effective'...
An OpenEEG would certainly be one of the cheaper options for hardware, but you will be limited to a max. of 6 channels (with 3 analog boards) and will have to assemble + acquire the parts (or at a bare minimum acquire and assemble everything other than the fully assembled boards - you can get them at Olimex [
http://www.olimex.co...gets/index.html ] ).
Going by
http://brain-trainer.com/ prices, a 2-channel EEG + software (BioExplorer) would run you at least $1k (not including electrodes and supplies), a 4-channel EEG amp + BioExplorer at $2.7k, and a 8-channel + BioExplorer at $4k. I imagine there may be some better priced outlets out there somewhere and you can definitely find some better deals in the used equipment market.
There is also some other more cost-effective equipment out there too... but most is not currently supported by most software. Most relevant of these would be the cheap Chinese EEGs you can grab off eBay (16-channel for less than $1k, search eBay for "16 channel eeg" and
http://tinyurl.com/ycszg47 is a quick mention of the device) and, probably most relevant, the recently released Emotiv EPOC ( www.emotiv.com ).
I'm a pretty big fan of the EPOC - it's quickly usable without much prep work (as opposed to.. any other EEG system out there), has 14 channels (most are frontal), and is cheaper than just about anything else (though, to be fair, raw data access would require a Dev. headset [$500] at the very least [and officially only w/ $750+ licenses], their consumer headset [$299] will only run with approved applications [of which neurofeedback software, which exposes raw data, is unlikely to be included within] ).
Software wise, you're pretty much limited to BioExplorer (which is basically the industry leader in the near non-existent biofeedback industry) or BioEra right now. Both should be able to handle a fair amount of neurofeedback protocols.. but BioExplorer is, IMO and IIRC, considerably more featureful. It also has support for external data sources w/ the 'server' object so devices not strictly compatible can be hacked into working with it.
Edited by m86, 15 January 2010 - 10:29 AM.