Time Warp curves enable you to control the velocity of an animation layer with a single spline curve. This lets you, for example, achieve Matrix-style bullet-time effects easily.
Example: To use Time Warp curves with a CAT rig:
The CATParent hierarchy appears in the Track View hierarchy window. Note the Layers track. This is currently a placeholder only, because no animation layers exist yet.
This opens the CAT motion-control interface.
In Track View, the Layers track is now expandable but collapsed.
This adds a TimeWarp track and curve under the Animation Layer track. By default, the TimeWarp is linear so it has no effect, but you can modify the time-warp effect by editing this curve, just like any curve in Track View.
Clicking the button also opens a new Track View window that shows only the Animation Layer branch of the CAT object hierarchy. This is handy for quick access to the TimeWarp curve.
Curve Editor showing Time Warp curve