I figured out the shift-register circuit, but decided to write up the digital logic separately since the blog post was already very long. It's a 32-stage nonlinear feedback shift register. The sequence repeats after 56883 steps, which is a lot less than 2^32, so it seems to me they aren't making good use of the stages. The output takes a while to get going: it is high for 30 clocks and low for 31 locks before oscillating. I don't like to criticize, but it doesn't really look like a good design to me. The digital mixer is also pointlessly complex.