From the manual:
The first thing to know about Mistress Liquifaction is that it is a wildly modulated series of 2 stereo pairs of delays and a reverb, also modulated. The things that modulate these effects’ delay time, feedback, reverb size, damping, etc. are threefold: a step sequencer, an LFO and Jack Dark’s automated vector joystick.
Mistress Liquifaction VST v0.1 comes with a default bank of 16 presets. The included .pdf manual has detailed information on the controls.