I think about this with some regularity.
Re: sounding “real”
Magneto is in almost every patch I make. If nothing else the spring reverb sounds really realistic. I’ve owned two actual space echoes (101, 301) and while those had that je ne sais quoi of real tape machines, they also overdrove really easily and are a hassle for all of the well documented reasons. The magneto gets close enough that, with the right settings, I wouldn’t be able to tell the difference once it was in a mixed and mastered track. On some level, most tracks need a little delay and reverb, and this is as good as any for end-of-chain sorts of duties, provided it fits your music.
Sound design: yeah it sounds like itself. But that’s a very good sound. I also recommend other people’s tip of mangling the feedback loop. I get particularly cool results with nasty filters like the doepfer wasp or the Erica vcf1. That is also a general patch tip I’d give for any module—feedback is it’s own subdiscipline in the world of patching approaches.
How I CV it:
It’s not a crazy sound mangling cv-able beast like say, erbe verb or clouds. What it does do in a very cool way though is allow you to move the pitch of the echoes up and down a couple octaves (precision adder from the disting into speed is how I do it with mine) and that sound is simply gorgeous. It sounds almost as good as my MF-104m in terms of spitting out super slowed down grainy warbly repeats, especially in shift mode, and for that it’s a forever-keeper module for me.
I also like to use it as a sort of single voiced mellotron by sampling a single synth note and then playing it chromatically via v/o. With age/crinkle/warble set just right, it absolutely drips with weird BOC type vibes.
In terms of anything else súper avante garde, I admit I haven’t scratched the surface, but I trust there are plenty of secrets still to unlock.
Other thoughts:
Why oh why is it set up the way it is? Why are the ins and outs both on the left side of the module, and the speed cv is on the right side of the module? Because of the placement, it permanently lives in the penultimate top right corner of my rack spot (with a disting to the right for those aforementioned octave shift duties). Because the ins and outs placement though, it drapes cables across everything else, including itself, which is annoying.
TLDR: better than a real tape delay for my needs, not the most versatile module in town but not bad either, probably keeping it forever.