For those who doesn't know this tool, it lets you examine the content of an IPS patch, and selectively apply modifications to a rom.
For example imagine you have a feature you like in a hack, and would like to apply it to other hack. This tool can help with that. On the IPS Peek tool, open the IPS file, a rom where to apply it, and select an emulator (like gens). Then select/unselect modifications and try it on the fly.
It's being handy to me recently, to recover "code" I did a long time ago on some hacks.