I have one of these. I use it mainly for indoor flash work when I don't want to use continuous lighting. The filter acts a bit like a polarising filter. As you turn it, it lets more or less light into the lens. So if the flash is too bright, you turn the variable ND filter until you reach the correct level. It's also useful outside if you want a slow shutter speed and you can't stop the light down enough with the camera aperture.
Howdy @JohnPaulPatton - I can't speak to the Polaroid Fader ND filter, but I have used variable ND filters in the past. Generally speaking, they're not all created equal. Some of the cheaper models tend to apply a color hue or "X" pattern, depending on how much you rotate the front filter element. The only one I've had consistent results with is the Variable ND filter by Singh-Ray (see here). Happy shooting! :)
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