I've heard good things about it.
The feeding mode shuts off power to the powerheads for about 5 minutes so the food doesn't blow around. I've got a wave maker that is similar and has the feeding mode button, I never use it, I make my fish chase their food
The night time mode should slow the pumps down some, reduced rather than no power to simulate slower currents at night, although I've seen this feature on many wave makers, I've never actually read a report where the currents slow down at night on the reef. I personally wouldn't use that feature also.