Here's what they say about it:
- Frequency shifting up to ±5000 Hz.
- Optional LFO with five waveforms.
- Four frequency ranges, three mix modes.
- Linked or individual control for both stereo channels.
- Plug-in comes in 32 bit and 64 bit versions.
- Fully compatible with SM Pro Audio's V-Machine.
The Frequency Shifter shifts the spectrum of the input signal up or down along the frequency axis. This effect is also know as "Bode Frequency Shifting" or "Single Sideband Modulation"; IMHO one of the most underrated and ignored effects ever.
Do not confuse the Frequency Shifter with a pitch shifter. A pitch shifter multiplies all frequencies of the input signal by a constant factor while a frequency shifter adds (or subtracts) a constant amount of Hertz to (or from) those frequencies. Thus, the harmonic structure of the input signal will not be preserved in the modulated signal, resulting in a raw, inharmonic, metallic, you-name-it sound the more you apply the effect. Even more, if you mix a slightly shifted signal with the original input signal you will get some uncommon phasing sound.