Chameleon is really fascinating and useful. It's intended as a reverb matching tool. Say you receive two scenes that are supposed to be in the same room but weren't. One includes ambience and the other is dry. You can get the reverb from one then apply the IR to the dry one.

For a musical application, grab the reverb from a concert hall recording. The concert hall is long gone. But now you have an IR that captures most of its characteristics.

Of course, you can't create something from nothing. You can't deconvolve if you don't have the original signal. So what it is doing (simplified) is attempting audio source separation between a dry and wet signal and deconvolving from there.

As a consequence, the IRs it produces can vary depending on what you feed it, even if it's from the same recording, since it analyzes (real time) for a relatively short time. What I find works best is voice. In music applications, rich but correlatable waveform solo instrument (brass particularly) passages where there are significant silence gaps seemed to give best results. But it will still produce plenty usable results from any real recording.

It has shaping options onboard and can be used as the reverb. But put the IRs into something like Liquidsonics Reverberate and you can mix and match, layer them, true stereoize them, shape them, modulate them into unique but realistically organic reverbs.