Tool created by Cobra Team for converting old JB (folder) PS3 games into ISO compatible with latest ODE. For now THIS VERSION (v2.0) of tool is OBSOLETE for ODE users! But is very useful for CFW users that want to later burn created ISO to optical media like CD, DVD, BD and play backup that way. Because v2.0 is only compatible version for creating ISO compatible with burned media.
More info about Playing backups using burned media: http://www.psx-place.com/threads/cobra-changes-to-add-full-burned-optical-media-support.12494/