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When launched it shows your last 15 applications. Its an improvement over the home long press functionality that is limited to 6 (Froyo and below). I think its 8 for Gingerbread.
It supports binding to the long-press-search button.
-Ability to pin your favorite apps.
-Smart icon resizing based on your screen resolution.
Please report questions, concerns, requests at http://forum.xda-developers.com/showthread.php?t=676438