It's essentially a virtual capo plus a mandolin IR. With the IR turned off, it's the same as transposing up an octave. Play short chords to fake a ukulele, which is reasonably convincing in a mix but not so much in solo. Still, a pretty nifty add-on considering it's free.
Renaxxance is currently my favorite virtual instrument. I posted a song in the
Songs forum featuring it, although that example doesn't include the new ukemandolele instrument, which I didn't have yet at the time I put together the tune.