I'm building a dead-simple theremin of my own design, using discrete JFET oscillators with BJTs for mixing and gain. Two oscillators at 600kHz, a BJT mixer, gain stage, and germanium diode + lowpass, clean and simple. So far, I have the thing on a breadboard, with a random wire that changes the pitch when you move your hand near it. It actually sounds pretty decent, producing a sine wave that is clipped on one side. I'll probably start figuring out the volume section next, I guess I need a higher frequency osc and some way to convert frequency to a control voltage for a variable gain amplifier.
The part I don't get is what the various "waveshape", "timbre", "brightness", and so on controls do on the pro models. I suppose being able to go from sine to square would be nice, but what do all those funky controls do to the signal, exactly?
I'll definitely have a pot operated limiter stage to square up the signal on demand, but doing voltage-controlled filters with discrete transistors seems kinda hard.