MFM2

After the delay you can choose from a couple of effects that are applied to the signal before it is being fed back into the delay line. That is, these effects will be applied to the actual delay taps. If the taps are fed back into the delay (feedback), the effects will be applied again and again, allowing for i.e. mutually degrading delays, up to very unusual and extreme sounds.

SoftClip

A distortion that can result in a quite grimy effect. Use the modulation knob to set a modulation source and apply it to the distortion.

Decimate

A bitcrusher. Use the modulation knob to set a modulation source and apply it to the bitcrusher.

Phaser

MFM2 comes with a phaser. Set the center frequency of the phaser with the center knob, adjust feedback and use the modulation knob to modulate the center frequency. CAUTION: Feedback from delays that use the phaser can become *very* loud!

Sideband

The Sideband effect is a simple frequency shifter. Use the FreqShift knob to adjust the shift and the modulation knob to set the modulation source and modulation amount.

Filter

The filter consists of one highpass and one lowpass filter to narrow the delayed signal or to control very high or low feedback frequencies or to just shape the sound after it all happened in the delay.

To recap: there are four delay lines and there are several ways the signal flows through each of the delay lines. It all depends on the input and flow settings at the top of every delay line.