P914 FFB builds on the classic Moog Fixed Filter Bank and pushes beyond its limitations to provide familiar classic filtered tones as well as some new creative ones.
In addition to the inductor based filters, P914 adds a few features that allow for greater usability including a Mix control, preset Morphing (allows for moving filters), and my personal favorite, the Stereo filters and delay offsets per side.
Having the latter two allow for spacial spreads (without using modulation effects like chorus). My favorite use for P914 is on acoustic guitars. Dial down the unwanted resonances, boost the sparkle and body, then separate it into a wide, lush sound. Offset the delay time in one channel to go even wider.
Of course it works well on synths as the original was intended. You can dial in acoustic resonances for electric instruments quite well as a sound design tool. Does fun and creative work on drums as well.
I think that it might not be seen as exciting of an effect these days, but I've found it to be a useful part of my collection. Also note that Pulsar Modular regularly update and bring new features to their existing plugins.