This is 3 modules in one, function depends upon which input you use. A frequency tracker for generating chords, based on the concepts presented by Don Lancaster in the CMOS Cookbook. A VC controlled gate generator, which functions something like a roulette wheel. Also, a 12 stage divider, which divides the incoming signal frequency down to /4096. This can be used as a sub-oscillator or to generate gates that are perfectly sync'd with your audio signal.
When used as a 12 stage divider, you can still use the PLL outputs and control the PLL VCO as a separate module, generating audio and CV signals.