The idea is also to make it integrate with Caustic in the future.
It is in BETA until the end of the month and the developer wants to know what you think.
So please email him with reports of bugs before the end of the month and if you don't find any bugs enjoy the app until the official release.
Here follows an explanation from the developer Graham Panter:
You will need to ensure you have set your device settings to allow install of non-Market apps (it will be released through the Market when finished).
The app is fairly straight-forward, it uses the TTS engines you have installed on your phone to generate .wav files of text, which you could then load into PCM slots in Caustic for example.
You can select the TTS engine to use, language, speed and pitch, create/delete presets and save the entered text as one .wav file or break it down into separate files per word.
You can either use the sliders to set the pitch/speed, or type values directly into the boxes to the right of each slider. A value of 1.0 equates to the default normal speed/pitch.
A long press on the preset window brings up the context menue to create/overwrite/delete presets. Presets store the TTS engine, language, speed and pitch settings.
The question mark button (top-right) toggles Help-Mode, which when enabled will tell you what each widget does when you click on it.
I'm particularly interested in testers who use custom ROMs where there is no TTS engine installed by default I believe.