I picked one up at the LQS while in New Orleans. Awesome!
It looks like the stirry thing in a honey pot on one end, a little nipply thing on other end and it holds a seam ripper inside.
Period.
It's like magic! The most dreadful part of seam ripping - for me - is now a thing of the past.
http://www.youtube.com/watch?v=zXyot_s7Bhc