What "Makes" a LoFi pedal is it's ability to recreate a recording "gone wrong" in real time.
Mid-Fi Electronic's "For Parts or Repair" the recording medium is tape. Dropouts refer to sudden momentary losses in sound. In real world conditions this can be caused by something as drastic as a tape splice or as subtle as dust.
"Wow and Flutter" are deviations in pitch caused due to fluctuations in tape tension caused by faulty playback mechanisms.