What is it?
The Track Pan/Delay controls the track's pan and delay when playing stereo sounds.

How to use it
The large knob controls track's Pan.  When the option key is held down, all the sliders will be moved.  "Stereo" must be checked in the Controls menu for the Pan to have any effect on the sound playing.

The small knob controls track's Delay.  Move it to the right and the left channel is delayed.   Move it to the left and the right channel is delayed.  With the default "Sound Out" Preference settings, each step (pixel) equals one millisecond, so you can delay it from 1 to 31 milliseconds.  Delays less than a millisecond give a surround sound effect.  Delays greater than 10 milliseconds give a slight echo effect.  When the option key is held down, all the sliders will be moved.  "Stereo" must be checked in the Controls menu for the Delay to have any effect on the sound playing.

While recording sounds, it shows the amount of time available for recording in minutes, seconds, and milliseconds or frames depending on the Preference settings. 

Notes
Pan Delay slows down the play routine a little.

See "Sound Out" Preferences for more information.