The phaser offers a variety of variables that can be exploited to change the results of the effect. In summary, the variables control the following:
Stages, when used in conjunction with a depth above 1, controls the amount of rippled lines in the image. A higher value equates to more lines and greater distortion.
Dry/Wet controls the overall intensity of the process, effectively the mix of a completely unedited image (0) up to harsh changes (255).
LFO start phase controls the angle and effected area of a ripple. No specific correlation to certain values has been found yet.
LFO Frequency Appears to alter the size of a line. Larger values relate to more lines.
The effects of depth are not 100% clear, however it does introduce a greater amount of noise in the image. The higher the value, the more intricate and detailed the noise becomes. Size of repeated shapes in a ripple also seems to correlate with the value, once again with higher figures producing smaller, more intricate structures.
High feedback causes the image to become darkened and displaced, negative feedback causes elements to displace to a less aggressive extent where much of the original image is preserved.
Output gain simply controls the colour range of an imagine in the same way that adjusting the volume or the amplify effect would.