To start on a positive note. Overall I quite like it. I certainly is not a quality product, much to be desired build quality wise compared to the Fuji Instax cameras for instance. but it gives you more options to control the output.
Settings are described in detail on the Lomography site, but in general you get to select Bulb or 1/125 (N for Normal) with regards to shutter speed. You have three shooting modes, A (auto with flash, day or night - Normal shutter), Creative with flash (flash and bulb), and Creative with no flash (bulb or normal shutter)
The is a dial to adjust exposure (A, +/- 2 stops). In effect this adjust the aperture. A is f16, so you get from f8 to f32 in full stops.
Apart from the cat, these are shot in "manual" mode (Creative, no flash). Dreary daylight, so shot with the +2 setting (f8)