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Script basically works like hinge from edge but it allows you to select vertex pivots and any edge pivots, also when extruding the face around its edge the script is not creating a shared edge between the extruded faces, creating better topology for subdivision. Also you can set the offset for the pivot. The script automatily desides in which direction to extrude and rotate( and to offset the pivot).
You can take a look at a little video showing how it works. ( Tech Smith codec) Video Link
Note: To use the tool just copy to/execute it from the script editor, do not source it, it just won't work this way.
If you like you can copy it on your shelf or hotkey/marking menu.