How to Craft and use the Redstone Repeater in Minecraft

Minecraft Beta 1.3 has introduced some awesome elements to the game, foremost among them for all you Redstone heads out there is the Redstone Repeater. It's a new block you can craft that allows you to adjust the delay on the redstone circuit passing through it, allowing more finesse in timing your traps and other Redstone circuit contraptions and allowing you to save space by not making unnecessarily long circuits for the sake of timing.