The Configurator is a .Net based interface for configuring various component settings. It is the preferred way to edit settings when components are installed on the Windows platform. An alternative, is to manually edit config files.
This tool, while useful, will be phased out. Instead, the preferred method will be Web Based management of all components, storing configuration settings in the database. This will eventually make installations as simple as install, provide database credentials, and component will auto configure itself.
However, for now, this tool is useful to quickly set many advanced settings.