Yes, it is a delay. And no matter how digital it is made from the inside, it sounds very analog. So the name of this device is rather misleading. The repeats are decreasing in high freqs, where analogue delays are known for. Nevertheless, this machine does the job nicely: it repeats your playing. I have it always on in my soloing. In the back, not to far up front. It has no tapswitch. And the time-knob is a bit funny. After twelve o' clock, there is no more time changing going on... So if you need longer delay times, you might want to skip this one. But then you probably also would need a tap function.
This pedal does give you a decent delay on your playing. Perfect for set and forget applications. Sturdy and great sounding. Get one.