The actual editing of these effects isn't too difficult. You basically set the effect to the setting you want, and then use the rocker to change it accordingly. There are 29 different effects, and they vary. There is one "Volume" setting that makes the pedal function as a volume pedal. There are five regular Wah-Wah settings, six auto-wah settings, Eight "Whammy Effects", and 9 Harmonizing effects. The whammy effects are octave effects; there is the option of going one or two octaves lower, or higher. There is also the option of pitch shifting down a whole step or two, as well the effect of going down SIX octaves (Which is really wild!). There are harmonizers that alternate a half-step up by pressing the pedal up or down. The manual explains all of this clearly.
I guess I have sort of a biased opinion of this pedal. I tried it after already being pretty familiar with the original Whammy. That pedal is a classic, and this version recreates almost all of the same features. In this respect, it is almost as good. However, the wah settings on this pedal are pretty terrible. I can't get behind any of them, and would never recommend this pedal over a classic wah like a Vox or a Crybaby. The volume pedal is also a lot worse than the ones I generally use. I just feel as though it might be easier to get a regular Whammy, and use a different wah and volume pedal. If you are not able to do this, you might want to think about buying this, but be warned that you will soon tire of the generic and unappealing Wah sounds.
I think that for the price, you are better off buying the regular Whammy. The wah features are almost useless, and they will just get in the way. I actually think the original Whammy sounds better than this one as well. I can't stress it enough, this pedal is unnecessary.