Google Refine - import, clean up and transform the messy data (and do it locally)

When I checked current status of project Exhibit 3, I found a link to Google Refine tool.
Google refine allows you to:

1. import data in various formats, from local files to data on web
2. clean up messy content, like grouping all 20 possible names of your city "Ostrava" into single value.
3. add calculated values
4. import data from external sources (like calculating coordinates based on address, estimating language, a text is written in etc.)
5. transform the data into various output formats
6. All the above on your local machine, as the tool runs there and not on the web (so sensitive data can be investigated too)
7. Getting the tool for free.

And possibly much more.

If you like the idea, go to the project web and spend 20 minutes on provided videos, you will get the feeling.

Seems very promising.