#1
the explanation on the website is pretty confusing.. but what else can this pedal do besides when its off turn all of your pedals into true bypass?
#2
It lets you turn on/off any of your pedals from one location rather than jumping around your pedal board to turn stuff on and off. You can also turn multiple pedals on/off at a time. As well as having the option of true bypass.

Personally, I'd just make one rather than spending that much to get one from keeley. You could go get the parts for a true-bypass looper with like 5 different loops (as opposed to the 2 that keeley's offeres)for a quarter of that price.