Here is the video of it in action. You can see MuscleNerd restoring his iPad to a pre-iOS 3.2.2 custom firmware.
This new version of PwnageTool is expected to drop this Sunday. iH8sn0w has already confirmed that Sn0wbreeze 2.1 (aka PwnageTool for Windows) will be released a few days after PwnageTool for Mac is out. Stay tuned as we will let you know as soon as these two tools are available for public consumption.