This effect is pure gold and also quite dangerous, so be careful with it. Combined with a hardclip or even soft saturation can make anything sound immensely powerful. Especially recommended for drums.
I always thought it sounded like a blizzard of rusty nails back in the 90s (or did it come out in 2000? I forget) and it still does. its just hideous and no amount of pre or psot filtering within it or from dedicated EQ sandwiching helps. Even where its abrely distorting it has a sickening quality to it.... but when you want that this thing can work for you in FL.... and being a native GUI the CPU hit is nonexistent.