I had the older version and thought that it sounded good. The center "shape" knob allows you to go from a smooth sine wave to a full chop square wave tremelo. The second switch makes it go from dual mono tremelo to stereo pan (when running in stereo). I only ran it in mono and thought it sounded nice. I had one in the late 90's. I've been through various trems (Swamp Thang, Boss stuff, Fulltone, Catalinbread, etc) and currently have the Catalinbread, which is very versatile and small. My only beef with it is that I could get better "Fender" trems with the Swamp Thang, though it was a one trick pony and hard to dial speed in. The Fulltone was easy to use speed wise, but was a little sterile and needed a second depth control for the hard circuit.
I recently got to hear my old one that I sold to a buddy, and it still sounds great. I think this newer, smaller box format could be very popular.
i tried one out before and yes, it definitely can do the choppy, staccato trem sounds.... it's a great sounding pedal. it's not as warm, IMO, as a demeter tremulator but it's very versatile nonetheless.
check out the song by Black Rebel Motorcycle Club called "in like the rose". guitarist uses the dunlop tremolo and almost exclusively as a choppy effect.... it's used throughout the song....