This is an effect which has very complex influences on the frequency domain of your signal. Since it's a completely original idea (as far as we know!), there's no body of academic literature which describes it. Generally, I find, it makes things sound Meaner, like distortion, although it doesn't produce feedback effects. It does make things Sharper, Grundgier and High-Pitched, like a waveshaper.
Take a look at these pictures of the frequency spectrum while you listen to the example sounds to get an idea what it does to your sound!
How does it work? Technically, it's a short delay (less than 93ms, and it generally sounds best at less than 40-50 ms). But Odd Delay's delay time refuses to remain constant. We modulate it with a special signal-
Now, many of you more experienced Effect Afficiandos are familiar with using an LFO to modulate a delay time, but have you ever dared, DARED to consider this- - - the depths of sonic possibilities you will un-LEASH when you run this software which modulates the delay time- on the milliscopic level, using the signal itself!!?!?!?
To generate this file, I played a drum loop first clean, then with mild Odd Delay settings. Then I begin alternating between clean and effected, each time increasing the Strength of the Odd Delay Effects. Near the end, I move the mix setting from 50% wet, 50% dry to 100% wet then smoothly back to dry.