It appears as and acts exactly like a plug-in, or multiple plug-ins, but all of the processing goes on in the hardware, using the onboard DSP. This is how you can have 32 instances of Liquid Mix (processing 32 channels) simultaneously in one session, whilst barely touching the host CPU. In fact, as dynamic convolution is such a complex process, your computer would struggle to run even one instance without the help of external DSP support.