BlackBerry Master Control is an app that sits on your PC and allows you to take screenshots, set the device time, turn the radio/on off, recover memory, gather information, view/clear event logs, display modules, gather module information, create ALX/JAD files, backup and restore third party applications, (Advanced) handheld wipe (all 3 types), factory reset, load, save and erase modules. The application also lets you keep multiple OSs on your PC, whereas RIM says you need to delete them before installing a new one.
The latest version includes changes such as:
To download the latest MCP, visit their download page. RIM BlackBerry Desktop Manager 5.0 or higher is required.