Behind its no-nonsense interface is a complex implementation of three distinct, yet inter-dependent algorithms for the wavefront (Direct), early reflections (Reflect), and late reflections (Ambience). The effect uses "regressive modeling" to accurately synthesize the most important elements of the reverb sound, while using a more CPU-friendly, statistical approach to the less important elements. The result combines the realism of a convolution reverb with the efficiency and flexibility of an algorithmic reverb.
The Space 360 can be used to add spatial "context" to sampled and synthesized sources, to achieve perfectly accurate binaural panning of stereo tracks, to put multiple tracks into the same virtual "room," or to just add that perfect amount of reverb to make the source sit perfectly in the mix.
The Space 360 will not give you those lush halls that decay forever. It will not give any crazy reverse reverbs or unnatural swells. There are plenty other effects that do that well. What the Space 360 offers is a go-to room simulator and reverb that models the minute details of a natural room remarkably well while not eating up all your CPU resources. You don't need a masters degree in physics or a ruler and protractor to achieve perfectly scaled and filtered reflections. All you need to do is move the little speakers and head around and the effect calculates them internally.