It only has one knob, which controls the speed at which it shifts. The fact that it only has one knob might turn some people off, but fear not, because that's the only thing you'll likely ever need to adjust. The tone is pretty much great the way it is. In a studio setting, it's perfect for almost anything. There's really nothing confusing about it at all.
I have yet to find a phaser other than this one that doesn't sound cheesy. I think most newer models tend to overdo it a little bit (I'm thinking Joe Satriani's "Surfing with the Alien" which is a cool tune, but not a sound I'm generally looking for). This pedal keeps it light and classy, the way it should be. As Randy, my old boss, used to say "Effects are great as long as you don't notice them". That's the mindset that makes this pedal worth it. If you want your pedal to scream "PHASER!!!" then this pedal might not be for you. If you have some class and need a phase shifter, it's the best.
I can't emphasize enough, the pedal is great. I just bought it and I see myself using it for a long time to come. I like that it isn't too intense with its effect, and that I can control it pretty easily. I didn't try too many other models because I knew that this is what I wanted as soon as I heard it. It's worth it if you have the money to throw around. I'd certainly make the same choice if I had to make it again.