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Saw this and thought I would give it a try considering it was so cheap.
Not tried it yet as I've been in hospital and not been down to the shop for a while.

What is it supposed to be good at?

its a tension tool if I am not mistaken. I was looking at one last year but never pulled the trigger on it.

It could be for combination locks to collect the wheels?

Martin has it, pull the dial and shaft, insert through hole (you bend out the spring) and it collects the gates in the wheels.
I knew you would get it right Martin

It just looked so ... familiar.

But I really wonder how useful such a tool really is. To use it there is some space behind the lock necessary and behind the lock cover is normally the interior steel sheet or sheets of the door cover. That can be quite tough.

I think this may border on destructive entry techniques.

There's a few methods of opening that involve dial pulling especially on burgulised safes.
This tool mimics an old one that works a bit like the Ingersoll opening tool that uses a drop down lever.
In some cases you can pull a dial carefully and reuse the parts.

I do agree the back of the case is a limiting factor but for the few quid it cost its just something else to have in the tool box. I would prefer to punch the rear cover off than drill the box, a lock replacement is far quicker than repairing holes and the box keeps its full insurance rating.
Once I get to my spare locks I can try it out and report back.
Of course its not suited to all locks as with most safe tools.

Time is money im afraid and on safes there's little profit in manipulating combo locks unless its throwing readings up on the first few spins. Drilling and scoping is very common.