The PitchShift node changes the pitch of its in input according to the value of its shift input. If shift is one, the input signal is unchanged. If shift is two, the output will be the input shifted one octave up. If shift is 1/2, the output will be the input shifted one octave down. Best results are achieved when shift is between 1/2 and 2.
The PitchShift node uses the FFT-based phase vocoder algorithm, which is polyphonic.