It could be a cool entry stage tool. I like the user-friendliness of the basic interface, it's fairly easy on the eyes what with the grid-lines. In the few minutes since this was posted, it's served as a useful tool for me to transition from LSDJ to mouse+keyboard based trackers. I actually like it. It's easy, simple, and approachable, though it seems a bit limited.
What with all the myriad of trackers and chiptune tools out there that were made while there were existing tools already in existence, I don't see why this deserves any hate. Or do people still care about fakebit?
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Yeah, you shouldn't post this to a website for actual chip music composers. They already know how to make real chip music. There couldn't possibly be anyone on this forum whose live would be enriched by this website. Show this to some scene kids and hipsters or something. ::)
Main problem I have is that it's missing at least a triangle and a saw. =\ Need more than sines and squares...
Edit: Yeah, without looking at the demo video, it seems pretty useless for anything other than simple bleep bloop tunes. Nothing to write home about. It's not bad, though. Interface is a good enough reason for new tools to crop up, I suppose.