I'm using GoDaddy for hosting, so this tool was on my list to try. Right away, I was able to identify some problematic plugins and uncover some issues with performance. This Plugin will now be a permanent Tool in my WordPress Toolbox (well, unless some drastic changes to the plugin, render it useless).
I have noticed an issue with false positives, though. See: http://wordpress.org/support/topic/false-positives