Though they position it as a tool to help with Thunderbolt/Firewire imaging, it actually is a more general purpose tool. My initial impression is that if you are building compiled Lion or Mountain Lion images, this tool could replace the use of InstaDMG or System Image Utility for many people.
The user interface is quite simple – to create a new image you just provide the appropriate “Install OS X” application and any additional packages and applications to include in the image.
When you click “Create Imageset”, an ASR restore-compatible image is created in ~/Library/Application Support/FileWave/Lightning/ImageLibrary/.
You could then copy the asr.dmg, rename it if you’d like, and use it with any existing image deployment methodology you have, like Deploy Studio.
Kudos to FileWave for developing this tool, and special thanks for making it free to use.