TSClip is a clipper / saturation effect.
Features include input level boost, followed by a saturation module (previously known as the "warm" mode) with drive (0dB setting matches the old saturation) and a simple bass boost to compensate for the potential loss of low frequencies.
Followed by the saturation is the famous clipper itself, with a peak limit control and an optional makeup switch (which boosts the limit back to 0dB after clipping).
And blinking lights to show you how you're clipping far more than you should. :)