Something I just noticed is that the Depth control also has an affect on tone. As Depth is turned down, mids are accentuated, and I think maybe highs are attenuated just a hair. With Depth more than about half-way, tone does not seem to be affected (ie - it sounds like the bypassed tone, just modulated).
There are some really cool sounds in this thing, although I probably wouldn't classify it as true chorus. It's got chorus settings, and it's got vibe settings. And it also does some other stuff.
With both Depth and Speed at minimum, it just makes the guitar sound a little bigger and fuller.