Well, it kind of does the split and mix. Basically, you send your signal into the input. Then, you have 4 loops that are mixed together, so, imagine a true bypass looper but all the channels are parallel and mixed. So, it does the split/mix/and combine all in one pedal. The added feature on the v4 lets you decide if you want to do C || D (C parallel with D) or C>D or D>C mixed with A and B.
The cool thing about this feature is that if you have one chain being your overdrives, one being your distortion, or anything else, you can change the order of those two chains or just keep them parallel.
Another good feature is the phase shift on the B/C/D channels. This allows you to change the phase (180 degrees) in case you have some effects that cancel each other out. It's hard to beat all the features for the price.
Fuzzrocious #136, Phil Jones Bass Club #51, Short Scale Bass Club #393, Low-Wattage Tubesters #36, Pedal Breeders Big Board Club #19, Joyo #13, 3Leaf #104, S.A.S.S #155