This device affects the currently selected clip. The Clip Quantize Mapper performs the same action as right clicking a clip and hitting "Quantize". The advantage of having this in Key/MIDI mappable form is that it can easily be used during live performance by hitting a keyboard or foot controller.
You can choose the quantization grid (same quantization grids as recording quantization) and the amount it's quantized.
The device comes in audio effect and MIDI effect form.