This plugin automatically downloads the first remote image from a post and sets it as the featured image.
It works well if you're doing an auto-post, example: instagram to wordpress blog post.
However, if you're going to create a blog post in wordpress, it doesn't allow you to save your featured image.
This is a great idea. Now you can be assured that all your image links will work and will continue working regardless of what happens to the linked images. It also doubles as a way to automatically set the featured image (come on WP.org, have this be less of a hassle with remote image urls)
See a mini-review on http://etchedinpixels.com/recommended/wordpress-plugins/
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