Charlie, it's just a stacked dado like you know with the addition of a method for slightly varying width by turning the hub in either direction with the same effect as adding shims. Better than shims when you think about it because it can be "any" width within the supported range, not just certain fixed widths that finite thickness shims provide. That said, for wood, that might not matter so much...it's more of a convenience than handling the shims.
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The most expensive tool is the one you buy "cheaply" and often...