I found the Time Based effects in this chapter pretty easy to understand. I really enjoyed putting it to use on my mix assignment. Sadly, I had to take on a new song for my assignment because I felt I wasn't going to be able to add reverb or delay to it in good taste. So I used an EDM song instead, I think it came out well.
The most common time based effects are reverb & delay. Reverb is essentially the persistence of sound waves & their propagation through an environment & delay is pretty much an echo, a repeated sound. There is also flanging (gives a tubelike/almost underwater characteristic), Chorusing (instuments close in timbre have delay applied together), & Phasing (like a comb filter). All these effects can add a wonderful dynamic to your music, taking a simple vocal track to another level, or adding depth to a drum or other instrument. There are multiple parameters to take into account with time based effects as well. In delay, things like: delay time, feedback, speed (rate), depth (intensity), & mix (wet/dry) all impact the type of sound you will get out. In reverb, the same is true for: room type, density, predelay, decay, mix, spread, & EQ.
Time based effects are fairly user friendly & a lot of fun. I look forward to putting those to use in my own productions soon. Till then, Cheers!