The 432k REV2 consists of a hybrid diode and transistor ladder filter, which is glued together with the unprocessed signal by a transistor overdrive, and then chased through an op amp fuzz. And at the end of the chain: A simple noise feedback circuit. And a big knob to adjust the often hefty output volume.
The 432 REV2 is four very different circuits that can be routed, regulated and mixed in all facets. The signal goes first into a distortion stage and then into a variable filter with (very) active resonance. The unprocessed signal is fed in parallel. Both are fed to a transistor (over)drive BEFORE which a low cut filter is switched. The result can be roughened in an Op Amp based fuzz. And feedback can be done via the feedback knob. This can be very brutal. But here you also have a nice combination of different characters, who can play together quite well despite their dominant tendencies. With Eurorack, the 432 REV2 also collaborates nicely: The filter cutoff can be CV-modulated.