I think it's primary use is to view knight models, but it can also view stuff like Snipes or Strangers or enemies. You can even customize models, since it's an MMO I doubt they have a model for every combination, so each base model has a bunch of parameters you can change, such as colours of skins or helmet models. For example for Strangers, you can choose the type of robes, colours, and Snipes, and you can select models for the hats and packs. So in essence you can make a combination to result in a Stranger that isn't actually in the game, which is the case with my avatar.
Unfortunately the program can't rip models, otherwise I'd recommend it to model rippers. It still is pretty fun to fiddle with all the model parameters though.