Initial reaction: HOLY Shazam THIS IS FUN!
The preset patches (24 of them) are all pretty interesting. When not in patch mode, you can run it as just a relay, either of two different delays, or as a looper (40sec worth). There are 9 different reverb types, and 18 delay options split between the two delays. Once you get the loop going, you can change the settings on the pedals, and play the loop forward, 1/2speed, or in reverse.
Overall this is very much an ambient/drone kinda pedal for setting up some cool atmospheric stuff if you're using some of the more exotic delay and reverd options. Alternatively, it will let you use a basic hall reverb with two different analog/tape/whatever delays all one one pedal.
One important note, I had to buy a new power supply just for this pedal. It runs a standard 9v center-negative plug, but it needs 500mA.
Edit: For the record, I did not type "Shazam."