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?
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.