I'm guessing it stands for "Effect/Direct" as I've just googled and got this:
"If you use the DD5 in stereo, a Panning Out (Except E/D mode) feature provides dynamic panning delay for spacious stereo effects.
The E/D mode outputs a dry signal from one channel and the delayed sound from the other. The delay can also be inserted into an effects loop. To enhance solos, you can produce delay effects that make maximum use of the stereo field.