It contains a double modulated lo-fi delay with cross-feedback and the unique possibility of self-modulation, where the delay output signal modulates its own sample rate. Also, it packs a parallel distortion with CV control of the drive. The distortion is after the delay. It’s much more than a delay – you can get a simple reverb, comb filter, chorus and much more cool FXs which are hard to describe.
It has a famous LYRA-8 build quality – no SMD, no twisted plastic shafts, no crappy parts.