Much like the RadLight Directshow filter this file was last updated in 2007. You do not need to install this file so you can run it off a USB drive. If you want to control your DirectShow filters then this file will do it for you. The file is still very popular and included in most codec packs today. The software is small and very easy to use.
The most common use for this software is to undo the problems created by installing codec packs where the conflicts cannot be managed. There is another software package called Revo Uninstall which does a better job and fixing the registry after a codec pack install. If you simply want to control your DirectShow filters then this will do else there are other options.