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Rectangularize Grid straightens UVs. Specifically, it squares up distorted UV maps making them easier to use with images. To take a simple example, using the Toroid tool in Modeler will create a great donut shape, but if you want to create a good texture map to get across the sprinkles and frosting while you can create maps using planar mapping and fudge the joins it is better to have the accuracy of a UV map. Until now though, a toroid created in Modeler with a UV map generated using the ABF Unwrap tool looks like this:
Hitting Rectangularize Grid will result in this:
And judicious use of the Move and Stretch tools will give you this:
Finally, speedy use of an art package and some clip art will give this result: