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Delay can be run both free running and tempo synced with various stereo and feedback options. Most notable however is the duck feature, which optionally only lets the echoed sound through when there is no dry input signal. This allows for long and heavy delay while still avoiding clutter over the original sound:
Delay shines on it's own, but it was primarily created to power up the different "Snapin Hosts" Kilohearts offer. These are bigger effects units that utilize all the available snapins and give you a really fun and creative workflow for combining them in any way you can think of. So have a look at Snap Heap and Multipass right now.
Delay is also available as a Rack Extension for Reason over at the Propellerhead shop.