It is positive film. Basically, you get a 3.25" x 4.25" positive print from a slide. If you use a negative, the print will look like the negative (it doesn't reverse it). The print quality can be quite good.
It doesn't do much else unless you get creative.
You could probably sandwich a couple pieces of film to superimpose, or even do multiple exposures using a different slide each time (though I don't think the print would come out very well). They had models with bellows that would do 8x10 prints. I suppose you could modify one of those for interesting purposes.