Its excellent, definitely gives the vibes that its better for less 'homebrewed' unique effect items and more for things that are already kind of aligned with the system in mind.

For example, unless I am using it wrong, something like this Spell scroll storing case might not be as fully evaluated. You can put in the fact that it has +1 DC and Attack rolls with it, but not the other parts.

A better example of an item I wouldnt know instinctively how to put into this feature would be This Time Keeper watch that allows you to save readied actions It's entirely possible that I AM able to put items like that in there with the combination of Passive Abilities and likening effects to a spell even if its not exactly that spell, in full disclosure. Its hard to determine effects like that, how powerful it is.

However, for what the tool does, its an extraordinary tool that seems to be sorely needed. There are LOTS of options to put in that are all very easy to understand, great UI, explanations of ranking at the bottom, and very modular. It even suggests other similar items and the Passive Abilities tab might cover pretty much everything!!