The sound is cut into overlapping slivers called grains. For each grain the Alembic keeps which pitches are present and how strong they are and throws away exactly when they happen (the phase). New random timing is put in its place and the grains are laid back down, overlapping. What you hear is the colour of the original with the moment-to-moment detail dissolved, which is why a bell becomes a glowing, endless wash. (This is the idea behind a well-known free program called Paulstretch.)
Haze is the size of the grain. Small grains keep some flutter and texture; large grains melt everything smooth. Tone tilts the brightness. Width decides how differently the left and right ears are drawn.
Hold steady evens out volume changes in the part you chose (so a fading bell doesn’t fade); Follow the sound keeps them. Seamless loop wraps the result around so its end flows into its beginning. Breathe travels through your chosen part and back again, so the colour at the join is the colour you started with; Drift travels through once, then jumps back, which is smooth in volume but you will hear the colour change.
Length in bars assumes 4/4 and works out the exact length for the tempo, so the loop can sit on a bar grid in your loop app.