I guess they must have a way to decrypt/reencrypt save data as many titles have encrypted saves. If not, then this tool won't be all that usable. Also, I'm not sure what they plan to do about games where the save file isn't transferable (maybe one can't cheat those).
On the most part, I agree with elser1 about cheating, but I do recognize there are some instances where this can come in handy. For example, some fighting games require you to play through the single player mode to unlock all the characters, but you might only want to play the game with friends. Or games like Tiger Woods where if you want a fully developed player you either spend weeks in the single player mode (boring) or buy EA's DLC unlock (lame).