NPD yesterday.
Totally worth the $40 bucks, so glad I snatched it off of ebay. @Pelham Bleu I can see why they are ending up for sale so cheap. They cut a lot of treble, it is a lot darker sounding than a Small Stone. Lots of sounds in this thing and it worked great on bass IMO.
Leaving the knob at 7am it just adds this kind of cool flavor to your sound, though it you are a Geddy Lee type you might not like the treble bleed. When I used it with the Behringer Super Fuzz and Boss ODB-3 I could really hear how much high end it cuts. With guitar I kept the pickup switch set to the bridge as it almost seemed too dark for guitar in other pickup positions. I could see why guitarists are dumping them.
Up to noon you just get a very subtle phase sound.
Noon to 3pm you get a decent swoosh going.
After 3pm you get into Vibe tones, good stuff.
Now the really fun part, on max you get stutter, tremolo effects. This sounded wicked with my MXR Slash Octave Fuzz, almost synthy.
With and without dirt pedals this is a great phaser for bass.
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Good score for $40.