Here's what Fender say about the Hammertone Delay Pedal:

Delay changes everything.

Subtly sweetened leads, clucky country slap back, surfy swells, rhythmic dotted-eighths and huge ambient washes – it’s been a defining factor in just about every genre of guitar music. The Hammertone™ Delay provides up to 950ms of crisp and clean delay, lush modulation at the flick of a switch and three different delay types. Analog Dry-Through keeps your tone pure when the effect is on, while the pedal board-friendly top-mounted in & out jacks and true bypass footswitch mean it will integrate seamlessly into your rig.