Cheapo tone is a recreation of the famous Casio VL-1.
All the sounds are synthesized, and there is absolutely no sample inside. The only sound that's not perfectly emulated is the snare. Otherwise, everything should sound very accurate. Of course, not only can you use the factory presets, but you can also tweak them, create your owns fro scratch and saving your own presets, as you have full control over the the different parameters. Those parameters are limited to what was needed to emulate the original sounds. No more, no less.
Their are two distinct synthesizers: Drums and Tone.
The drum sounds are mapped to channel 10, and the synth to channel 1.
The ADSR section and other knobs on the front pannel work only in ADSR mode, as the other modes (piano, fantasy, violin, flute and guitar are locked presets).