There is already a post on here devoted to version 1.0 of this plugin and that very much tells you what it does. The new version will work with the forthcoming WordPress 2.7 (itself a release that’s had a development cycle with such upheavals that it would make you want to watch from the relative safety of the sidelines) and has been made to be a little more user friendly in its actions; in fact, it behaves more like any other plugin now.