It's what it is, a Noise Gate. It has a lot of options such as letting you choose what kind of noise to gate (hum hiss or everything) and also offers a "high trigger range". Honestly this gate it's not bad. It's indeed smart, he senses when your signal should start to be gated and it's always smooth.
One thing i don't like though are the various switches. How can I say, I find them pretty useless. I want a gate to silence my rig, not just remove the hiss and leave some of the noise there, so this renders that switch useless. The high trigger range really degrades your tone so I always use it on normal range. If you turn the knob all the way up it will munch away some of your top end, but that's understandable and pretty common on noise gates.
I guess that for this price it's one of the best gates out there.