Think of a keystroke logger. But, instead of malicious intent, it's got a different purpose.
Regardless of application, platform, or the color socks you happen to be wearing, it listens for hotkeys that you've specified. For instance, my favourite editor, Edit Plus, has a toggle word wrap shortcut. I don't have that in Ultra Edit. Or KDevelop. I have to retrain my mind to not do the defaults, and that makes me stop and try to think.
This application would intercept your Ctrl+Shift+W and translate it for the active application into it's local equivalent.
This keystroke translator should observe me at work and at the end of a day, suggest key bindings I use frequently in certain applications - I don't want to have to think of this stuff and type it in!
It should be able to sit on a USB stick too, so I can go to any computer in the world and It Just Works like my box from home.
Is this what Jef Raskin meant by "Commands" and shortcut keys we purchase to add extra functionality to existing applications? Perhaps.