I was trialing this audio plug-in from SonicCharge (there's a program demo in the site).
It claims to be based on a delay line and uses some logic to modify it:
At its core is a 12-bit digital delay with variable sample rate from $0$ to $352\textrm{ kHz}$. The delay is controlled by a programmable processor that allows you to change and modulate the delay time with various "operators".
I know from previous readings that delay lines can be used to construct a pitch shifter.
What are the properties in the delay line that allow for such numerous applications?
I.e. what is it based on that the delay line can create such a varied amount of effects?