As an OG Chronoblob owner too, it also took me a bit to figure this out, but it makes sense to me now.
First off, you gotta lock the Mimeophone to a clock for it to make sense. Ther are a lot of overlapping times happening between the zone and the rate. If you start with one zone, just above noon on the rate knob is at 1:1. Then clockwise and counter clockwise changes it to different ratios as listed in the manual. When you get your delay ratio to what you want it, try going to different zones, because they are just ratios of the zone you are in. Going either direction will increase or decrease those ratios. Why this is awesome is that you can have a pre-set base ratio and then go back and forth quickly to other zones to get something new and then flip right back to where you where at. You can also CV this in time with something like a sample and hold and get the switching in the zones to happen on a beat and create some really weird rate changes in time.
This becomes even crazier with the skew on, but just think of it now like two separate delay lines, one in each channel in a ratio that you select. If you have a mono signal coming in it sends to both sides. If you have a stereo signal coming in from something like a stereo mixer you can pan that signal across the stereo field for a combination of those different delay ratios.
My one gripe gripe about the Mimeophone is that the hold is useless, as it doesn’t lock the buffer in a way that stays in time with the clock. I still don’t get why they wouldn’t make that work that way. It just doesn’t make sense to me. It’s pointless to have a hold that doesn’t lock to what’s really in the buffer like that.