A rather difficult effect to understand, a new user might find it produces "same-y" sounds. However, after reading the manual, watching videos from Simon Stockhausen and wokring with this plugin for a few years, I have to say that this thing can spit out many different sounds, sounds you'd never hope to come up with. It's a great tool for sound design. It's pointless for me to try to explain what it does here, do try the demo, read the manual and watch Simon Stockhausen's video on how this beast works.
This plugin is not meant for live manipulation, parameter automation or live performance. It's very CPU intense, it's best used for rendering out audio to be then used. A very complex effect that you need to take your time with.