In all seriousness, in what situation are you going to need this, under most circumstances iTunes should be able to fix it.
For me, this is probably the best timed software fix Apple have ever released!
I last used my iPod shuffle (2nd gen, 1GB silver) on Friday when I went out for a run. As usual I just left it on my desk when I was finished (not plugged in).
I plugged it into its dock to connect it to my iBook yesterday to update my podcasts, and iTunes came up with a message saying the iPod is corrupt and must be restored. When I clicked the restore button, it asked for my password, and looked like it was doing something (progress bar starts to move along) before stopping and saying the iPod cannot be restored. I tried everything - turning it on and off, ejecting it, plugging it in while switched on, while switced off, pulling it out without ejecting(!) everything else I could think of.
In the end I gave up and went for a run without it, and was planning to take it back to the shop at the weekend to get a replacement (its only a few months old).
Hopefully this Reset Utility will restore it and I won't have to go and moan at the shop.
Good work Apple.
(Oh, and while we're talking about perfect timing of releasing updates, I wouldn't mind a new iMac anytime around NOW!!!!)