No shit, it works great, simulates stretching and tearing cloth all automatically, you just model the clothes and do what you want to the model that's wearing them and it does the rest.
Look at http://www.reyes-infografica.com for a FREE copy, it only works on 3dS Max version 3 though...but it's pretty cool!
If you DO do anything with the tool PLEASE post the results someplace where non-members can see (my fee for telling you about this :-)
clevenger