Not sure about version 1, but I'm testing version 2 right now and I have to say it's the best auto spinner I've seen bar none. The content is actually extremely readable and probably better than the manual spins a lot of people do out there. However, some of the content doesn't pass copyscape so make sure you play around with the settings. Minor edits should do the trick. I'm on the trial now but seriously thinking of keeping the Turing plan for my Tier 1 content.
It has helped me to get high quality content fast without having to outsource the spins. I used to spend hundreds a month just on getting article spins for all my client sites and SEO campaigns. It's very effective on getting amazing spun variations of highly relevant and high quality content quickly. You can also go back and use them again in the future since it archives them. I love that. (TIP) Spin 10 completely different titles with your articles for ultimate diversity!
There are a wide range of applications that might benefit from the content rewriting capabilities of ArticleRewriterTool. The obvious applications include building content for your website or blog. Other applications include any kind of essay or creative writing (virtual or not), twitter, newsfeeds, Craigslist posts or even paid article writing services.