Lo-fi processors seems to be simple devices, but it ain't right. Becouse they're basically donwgrading the signal, it's easy for them to make it unlistnable. It's interesting when you see one that is actually very musical. :)
Time Machine sounds musical and it's nicely featured also. All kind of bit reductions, samplerate reductions are available. Aliasing knobs are really fun!
Great feature is that highpass filter that stops your low signal from alering the effect too much.
I personally miss Jitter (Yeah, but really just becouse Deadmau5 said in one video it's important feature. :D) also low pass filter and dry/wet buttons could be handy, but If you're in Ableton, simple rack solves this problem right away so no hussle here.
All around great sounding and free, I recommend! :)