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It works similar to Z-Brush, allowing you to deform a high polygon mesh using simple tools (like working with clay). The goal is to allow you to create a low polygon model from the high polygon model and automatically generate the bump (or paralax map, whatever) for you.
Saving and loading are already working in my own format. I hope to make it so it can load any of the formats that irrlicht can already load. I don't think I will have time to make it fully featured (with animation, etc), but it would be cool if you could at least use it to generate some nice models that you can import into other programs to do that.