One preset. It's a very nice addition to El Cap. There are two things that are a little bit of a problem, though: 1) You can't have trails when switching between it and the main unit and vice versa. Trails are only enabled when you switch the main unit off. 2) There's a millisecond of no effect when switching between the two units. I was going to get that very same DM-3 that you got (great minds think alike…it's a really nice, basic delay). A second separate delay would solve both of those problems. But after giving it some thought, I decided that neither of the weaknesses was a big deal for me, so I decided to blow it off and save the space on my board.