Could you describe your practice with this a bit more, and maybe give some details about what happens when you use it?
It's concentration practise, pure and simple. It's no different from concentrating on your breath or on a mantra - it's just a more 21st century concentration object.
Each individual click is attended to with
effort,
tranquillity and as much mindfulness as possible. You renew attention, renew attention, renew attention, as rapidly as the clicks arise.
This stops the mind from wandering, simply because there is no time for it to wander. I experience a rock-like state of mind, where I am in firm control of everything that happens in my awareness, and with this comes clarity and peace. The mind is very pliant, in the sense that it does what I want when I want, like an obedient servant, and it is very bright and brilliant, in the sense that things (i.e. the clicks) are experienced clearly and in detail.
For slower speeds, try here: http://www.youtube.com/user/skr33d/videos?view=0 . It's a youtube channel with click tracks from 30bpm up to 300.
I hope that answered your questions.