it contains a 3 way digital crossover + compressor.
The signal is split in 3 bands: low, mid, high. You decide the crossover frequencies.
Every band has a gain, a dry %, a full compressor with threshold, attack, release, hold, knee, compression rate (what else ?...)
Up to 3 of the many parameters can be associated to the single knob, e.g. turning it clockwise you increase the threshold and increase the high crossover freq and decrease the low gain. You can use one of the several preset or create your own: in any case you need a smartphone or a tablet, iOS or Android. To send the preset to the pedal you have 2 ways:
1) use a cable
2) beam it. It's strange and uncommon, but the app can send the configuration to the pedal in audio, sort of old modem: when you "beam" it, the smartphone speakers emit a squeaky sound that is literally heard by your bass pickups. From here it travels thru the cable to the pedal, who acknowledges you're not plucking your strings but it's a configuration, the LED turns green for a few seconds and... voilà, the pedal is reprogrammed.
Overall, it's very flexible and can be used to sculpt the sound of your bass. But globally other compressor (more expensive) have a better sound.
Cheap and small
Can really change the sound of your bass
very low noise
you have a semiparametric eq for free
the overall sound is not as good as other more expensive compressors
Not so immediate to use thoroughly: you need a smartphone/tablet (better) and the number of parameters can be overwhelming
the manual (i'd say most TC Electronic manuals) are very poor and almost useless. TC makes very good products with very bad manuals