There's a lot happening behind the scenes to make morphing possible. To morph two sounds you run them through an analysis process which creates a special non-audio file that includes all of the ingredients needed to rebuild the sound, and then plug them into one of the morphing modules.
After analysis pitch, timbre and time stretching can all be controlled independently, and with only a little more effort you can morph manually with a slider, or under LFO or envelope control.