I verified that it is truly lossless in the lossless mode. It has only a single speed/quality mode which runs a little slower than WavPack's "high" mode and compresses a little worse than WavPack's "very fast" mode. The lossy mode has a "q" parameter that sets the quality and can be set from 0 (lowest quality) to 100 (lossless). I determined that this works by simply selecting a quantization level for the whole file of +/-(1000 - 10q), so q=0 gives +/-1000 and q=99 gives +/10. Because a single quantization level is used throughout the whole file and no dither is applied, this mode sounds pretty bad except at the very highest settings.
In summary, the lossless and lossy modes really do not compete too well with existing compressors, but the ACM feature may make this attractive in some cases (assuming it's not $200