I've been playing with this quite a lot, while reviewing it for the Buyer's Guide. It is so scary complicated, but sonically rich. I've spent a lot of time programming in my life, but I fear Bitwise operators. Still, I love the app! I even made a new "Experimental" category just for BitWiz, since it wouldn't fit neatly into any of the other ratings. At $3 it is worth it just as a rich source of samples for use in other apps, like Grain Science, but only nerds need apply.
Today's update aims to make the help text more helpful. They've included a bunch of new presets and some organizational features for managing presets. Also worth noting is support for older devices; now even old iPhones and iPods can play as long as they are running iOS 4.2!
Here's a mad bit of fun from YouTuber Spiritual Tazer. I swear you can make music with this thing too, but no one has done an example of that yet.