I don't remember seeing this tool before; I think it is new to 11.1.1. It essentially tests the different Hyperion services and gives you a quick picture on the status of the services.
Based on the output that prints in the command window, it appears to go further than just checking to see if the services are running. Here is the command window during the generation process. Click on the graphic below to get a larger (more readable) version.
When the process is done checking all of the services, it summarizes it in a nicely formatted dashboard that gives you a very fast way to monitor your system.
As you can see in my screenshot, both my Essbase Studio server and my HAB.Net server are having problems. I shot this when I was working on getting Essbase Studio server running on Oracle and thus it was not running. I don't normally start up the HAB.Net server as I am running our Dodeca-Essbase service on my machine; it is a more up-to-date version of the HAB.Net server anyway.