What is this effect?

I know the Axe-FX can cop this, 'cause the Axe can cop anything...but I don't know what the effect is. You can hear it from 2:45 to 2:53 of this clip - http://www.youtube.com/watch?v=Gwgizqwa45E. It's the single note, ascending guitar lead, and the effect is kind of a scratchy, swirling sound. Coldplay's guitar player uses a similar tone from time to time. Anybody know what effect this is?
 
Sounds like a modulated delay... like we used to be able to do with a Lexicon PCM 41 or 42.... but I can only listen to it over tiny MacBook speaker ( and I'm still on the air...shhhh)... can't tell for sure...
 
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