Time-based effects copy a signal and delay the onset of the subsequent signal to create variations on the echoes which naturally occur in nature. They can range from perfect digital replications to muddy after-effects with little relation to the source material. Time-based effects add 'depth' to a signal and are thus crucial mixing tools.
Room reverb takes a physical (or algorithmic) room with desirable sonic characteristics and projects a signal into it. A microphone then captures the resultant sound as it bounces around the angles and surfaces. Room reverb is great for giving a signal a sense of space that it may not otherwise possess.
Plate reverb trades a room for a literal (or virtual) sheet of steel held aloft by tense springs. A special transducer projects the signal onto the metal plate and another picks it up again. The unnatural sound of plate reverbs is perfect for blending with room reverb, creating bright 'slapbacks', or building alien soundscapes.
Spring reverb uses the same principle but with a tense spring strung inside a sealed 'tank' (or an emulation thereof). They tend to have a dark, 'bouncy' tone with a lot of low end. Use spring reverb on moody (especially surf) guitars, layer it on room recordings for extra vibe, or smash it with noise to create shuddering thunderstorms.
Convolution reverb takes the vast power of modern Digital Signal Processors (DSPs) uses it to create Matrix-esque simulations of physical (or imaginary) spaces. These possess far more detail than algorithmic room reverbs though may not be as 'musically-tuned'.
Convolution reverbs are perfect for SFX, dark electronic music, and 'live' emulations.
Digital delay records a signal and plays it back for a defined number of repeats at defined volume levels. The 'perfect' nature of these repeats gives them an unnatural quality that can turn a mundane signal into a new instrument. Experiment with digital delay on mid-/high-register electronic sounds, clean guitars, or abstract vocals.
Echo seeks to better mimic the dark, degraded repeats found in nature through the use of analogue tape machines or bucket brigade devices. Their analogue (or emulated) nature creates imperfect repeats heavy on 'colour'. Apply echo to lead lines to add space around an instrument while keeping the original signal in the foreground.
Ping-pong delay is a type of stereo delay that uses an LFO to pan the delayed signal left and right at defined intervals. This creates width whilst also drawing the listener's attention to the 'moving' signal. Ping-pong delay adds rhythm to percussion, fractures vocals, and turns pads into a seething sonic confluence.
Asynchronous delay is another stereo delay that places its repeats to the left and right. The difference is that the left and right signals have separate parameter controls so they sound like two unique delays. Use asynchronous delay to disorientate listeners as instruments get locked in evolving patterns of call and response.