This fascinating TourBox Elite object looks like a teaching aid for a UI course:...
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"I think the stereo-mono toggle was just for FM radio. Some stations broadcast in stereo, which sounded great but required a stronger signal. If you couldn’t get good enough reception for stereo you could always switch back to good old mono."
"Yes the arrows are irrelevant to the illusion, but no it's only the thin edges of each ring that are changing position in relation to the rings. That's what causes the illusion of constant motion in a certain direction, and very cool it is too!"