The core CI_Hooks class only gives 8 hooks for developers to use. With this update to the class you can extend that to provide your own hooks anywhere you want within your own controllers, models, libraries, helpers, or views.
This Class gives team projects what they need to allow different things to "plugin" to the system in the same way the core hooks do.
In all truth, I think it is the one thing that has been missing from CI.
Works with PHP 4 & 5 (not tested with 6).