Velocity controls the volume of each note. The user can define other parameters (e.g. modulating oscillator amount and frequency). There are two main oscillators and two modulating oscillators. All timbral changes are created simply by reading back from the loaded sample at different points / in a different way.
Download here: http://milkcrate.com.au/_other/downloads/M4L/SampleRider/little-scale.SampleRider_20120428.zip