I'm pretty conflicted about this unit. On one hand it's a genuine BBD with..
"Classic analog design with tap tempo
Tap/ Delay Time/ Feedback with Oscillation controls
Mix/ Depth with Modulation controls
30ms - 1000ms delay time"
I thought the first unit I received was broken because when using the included 9v battery the lights would seize and buttons would not respond. The second unit had the same problem, leading me to believe this is a fault of all the units. It works fine on 9v neg tip AC. Furthermore, the toggle switch to turn on/off the modulation only turned on the LED so you have to keep the mod dial down for no effect. Still not sure if I will send the second one back because of this. I may just open it up and fix it myself while possibly adding some CV jacks. Needless to say Ibanez rushed these through the manufacturing plant.
Other than that it's pretty great, especially for $150. I'd say it's the best bargain for BBD delays out there. It has a really cool 'oscillation' switch which creates a quick, full textured sound at a nice low volume. The modulation only has depth and no speed control, and the unit is quite transparent with a brighter than MXR Carbon Copy sound.
It seems to me someone is making new BBD chips somewhere which would explain the low price. I sold my Moog 104m for this, and while it is certainly less than half the delay the Moog is, it's also a quarter the price.