The OTT plugin from Xfer is modeled off of the OTT preset for the Ableton Multiband Dynamics effect. It's an Upwards/Downwards Multiband Compressor and Expander, pushing everything Over The Top (hence the acronym OTT) so that the frequency response of the sound is essentially equal in level - all the quiet parts of the sound are brought up to be the same volume as the loud parts of the sound, which are being pushed down to fit within the same range.
Since low frequency sounds require a lot more energy than high frequency sounds, this ends up pushing down the bass and increasing the treble, as all that HF content is now at equal power (which is actually perceived as louder).
The depth knob on OTT is IIRC somewhat like a dry/wet knob, in that it changes how strong the effect is on the sound. The knobs that say Upwards and Downwards also do similar effects, but on the Expander and Compressor, respectively.