I suppose it serves a purpose if all you want to do is change IE proxy settings to a list of proxies in a text file. No testing functionality. No change on timeout or non-working proxy. It's very primative. Not unique.
When hitting the Enable button, it's very annoying to have the blog pop up. I think the disable label text is spelled wrong too. The name is misleading as well. It's really just a proxy switcher. At first glance, you came across as it would magically change your ip. Finding out you still need to hunt down proxies and test them first, was disappointing.
Thanks for the effort of sharing.
If you want a software that doesn't require any changes to IE, but still want to use proxies, give http://uniqueinternetservices.com/proxy-firewall-download.html a try. No ads. Checks proxies. Rotates proxies. Changes on timeout. Can be used on more than just IE. It's free.
Chris