Putting it in simply words it is...
...a random material generator for materials with procedural textures. It can generate totally new materials or be used to create variations of existing ones. It's also a fun way to explore and understand what each material setting does. Check the images below to see what the script can do.
Very easy to use, funny to try and quite useful when you need a material more charming then Blender's default one to do a test rendering of your brand new 3D model after a long modeling session.
Have fun experimenting this one and remember to post a link in case of interesting results.