I am writing this review based on the free version, which is a stripped down version of the paid version.
This is a pretty decent delay, speaking generally, and this a really, really nice delay for being free. Definitely one of the nicest free delays I know of, and I have tried scads of them.
It has an internal ducker, which is awesome. Also a limiter at the end of the "chain." It is stereo (L & R), and each can be set in sync mode or in milliseconds, and they can be linked. It goes up 3200 ms, which is longer than many if not most delays allow. Overall output can be panned (though not L and R individually). Overall feedback (not per side). 3 band EQ - lo cut, hi cut, mids (all 3 with variable freq and gain). Even with all modules engaged, I can't get it to crack 1 on CPU, so it is extremely CPU efficient.
It only comes with four presets, none of which I find very useful, but hey, it's free, and you can create as many of your own as you want.
Just a few complaints / suggestion for improvement:
*It has a mix knob (instead on one for wet and one for dry). Hy-Delay 3 had a separate knob for each, which I think is highly preferable.
*I wish you could have the option setting the delay times in milliseconds by typing it in.