It's a simplified video editor that removes pauses and dead air, and creates a cut list you can then import into a "real" editor.
Saves a bunch of time if you're doing talking-head videos, vlogging, podcasts, screencasts... the sorts of content where the first step of editing is to chop out the long pauses and mistakes. I originally built it because I was doing screencasts and wanted the process to go faster :D