It creates folders, basically.

Quickly reference files (e.g. cheat sheets, PDFs, web links, etc) using quick look.

Search your Kippt bookmarks.

Create new tasks in The Hit List

Copy version information for applications and operating systems

Control VMWare Fusion instances.

Search for and activate application menu items for the frontmost application.

Enable Write to NTFS drives

Upload to CloudApp (optionally rename)

Toggles Caffeine to keep your computer awake.