Furbo.org brings word of the iPhone/iPod Touch Backup Extractor. What is it?

This application converts the iPhone / iPod Touch backups that are created by iTunes into readily usable Mac OS X files. It is designed to run on Mac OS X Leopard only.

Twitterrific creator Craig Hockenberry, among others, claim this tool is invaluable for debugging and decoding.

Freeware, but donations appreciated.