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

Take your guitar to the stratosphere.

Warm, analog-style saturation and gorgeous ‘tape’ warble combine to make the Hammertone™ Space Delay a perfect companion for any ambience-inclined soundscapist. From subtle and natural repeats to awesomely oscillating waves of tone, the Space Delay delivers everything you need to create your next atmospheric masterpiece. 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.