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The PH01II is a knob recorder. It records the movement of the DC knob into a loop, and outputs that movement as a 0-5V control voltage (and displays the output via the led). The Rate knob adjusts the playback speed (or loop length, however you want to think about it.) The record button overwrites whatever is in the loop with the current position of the DC pot, allowing for complex sequences with just a little clicking and twiddling. Loop length goes from ~18 seconds to over 500Hz.
PH01II also features:
Sync In (rising edge restarts the loop)
Sync Out (5V pulse at the start of the loop)
CV Input (0-5V) for the rate of the loop.
The PH01II is 6hp and runs on the 5V bus of your euro power supply.