It runs a max of 32 steps. on each step you can decide which key (out of the ones you may press) should be heard if any, and alter their relative transposing, octaving, make ties etc.

TO me this is the defining difference between arpeggiators and (most) step sequencers.

When trigged, a step sequencer shoots out a series of notes or events, whereas in an arpeggiator you can decide how to handle simultaniously pressed keys in an abstract manner.