LSDJ has:
4 channel = 4 multitimbral

Here comes the part, which confuse you. Normally people would say that LSDJ has 4 monophonic voices if you only use the “synthesis”, but if you choose "kit" under “Wav”, then you can trigger 2 drum samples (Left and right). By doing that, you can get up to 5 voices.
Pulse 1 = 1 voice
Pulse 2 = 1 voice
Noise = 1 voice
Wav using "kit" = 2 voice

aka 1+1+1+2 = 5 voices

21

42

how many chords could a wood chip chip if a wood chip could chip chords

And it was mentioned in the original post, so it's not all that helpful.

Just do what trey does and sample chords.

in a limited way! but as with most aspects of LSDJ the limit is where the gold lies

Yes but it will still take you past the 4 channel limit in a way

yes that is correct, the S channel has "4-voice polyphony and stereo phasing effect"

if you're like me though and you only really want loads more channels for chords rather than lots of layers then thats pretty cool

pretty sure current version of nanoloop 2 is 4 channels with chord capabilities on the s-channel

yeah ive been eagerly waiting nanoloop 2 since i started a hardware collection a few months back. if you really want more than four channels either double up on DMGs and LSDJ carts or await nanoloop 2

"Nanoloop two is currently in production. If you wish to be informed when it is available again, please send an e-mail to two@nanoloop.com (for a single notification, no newsletter, so subscription) or follow nanoloop on twitter. "

this isnt really an additional channel, just creative composition

true of all dmg/gbc software, besides the nanoloop 1.5 with the 5th channel using the additional audio in that the hardware could support, but wasnt used much
gba software can support more, nanoloop 2.2 had 7 channels

The wav channel chords are in the Game Boy Advance version of Nanoloop (2.XX) only.  Sandneil is correct that the synthesis is done by the cart hardware.  LSDJ is a program for Game Boy Color and original Game Boy.  Even when it's run on a Game Boy Advance it is still limited to the original hardware capabilities.

What about the ghost channel, do your research kids

http://chipmusic.org/forums/topic/11649 … t-channel/

i have a vague recollection that some of the nanoloop carts had sound generation on the cartridge, which was only possible because they were custom designed carts, rather than roms

in any case i'm pretty sure that some versions of nanoloop could play two notes at once on the wav channel. i don't think lsdj can do that

prrobably better waiting for someone who knows what they are talking about