I own one of these!!
OK, folks. this was an ill-timed appliance from Faberware - designed to save time and steps, it came out in 1984 at a price of around $400 - which is what the first microwave ovens cost. Needless to say, it wasn't a success.
There are four settings - 1 is a low heat, roughly 265; 2 is medium, roughly 325; 3 is the typical cooking mode, roughly 350, and 4 is for frying, roughly 400. the way the system works for cooking is you put in the food and set the timer for the time specified in the manual - example, Osso Bucco has a setting 28 on heat 3, but it actually takes about 40-45 minutes to fully cook as there's no pre-heating.
I have found it's a little difficult to adapt other recipes to this (though I finally figured it out) - it's not a full seal, but a close one, so you use less liquid, and also fewer spices as everything gets concentrated. The probe actually senses that the desired temperature has been reached which is cool in that everything is that temp, so they were right - versus an oven, this is faster, and versus a saute, there's no stirring required.
Multi-function appliances are having a comeback - there's a new cooking blender from Cuisinart, a multi-function cooker (with stir tower) from Kitchenaid, and of course the Bellini Kitchen Master (and the Thermomix units from Germany). But yes, the Farberware 355 was quite unique for its day - and still is. By the way, it does a great job.