An event type what will iterate every time its repeated based on the assigned people to the event.

So if the setup would be something like this..

Title: Run updates
Who: Peter, John, Tim
Repeat: Weekly, once
From/To: Monday/Friday

Than it would look something like this:

week #1: mo - fri, Peter: Run updates
week #2: mo - fri, John: Run updates
week #3: mo - fri, Tim: Run updates
week #4: mo - fri, Peter: Run updates
...

But it should adjust itself automatically so, if you decide to add a person (Tom) to the bottom spot, after week 4 than it will look like this:

week #4: mo - fri, Peter: Run updates
week #5: mo - fri, John: Run updates
week #6: mo - fri, Tim: Run updates
week #7: mo - fri, Tom: Run updates
week #8: mo - fri, Peter: Run updates
...