Answering my own question.
Yes, it is multi-timbral. It will play up to 16 parts multi-timbral, and the drums are quite good. I don't know why Roland does not mention this feature in the documentation as it is a good one to publicize.
debert.
debert - 01 September 2010 06:04 PM
Is the FP-3 multi-timbral? How many instruments will it play at once if being signaled by a sequencer?