Okay... here's some more info based on my limited exposure to this stuff. I haven't applied it to anything yet, I merely boiled some water and added a few of the beads to soften them and work with them.
The "beads" are an opaque white color when at room temperature. When added to 150 degree F water they become clear and pliable. The consistency is then that of very soft wax from a candle that's recently been put out. You can squish it and shape it for a few minutes till it starts to set back up (arounf 130 degrees F).
When it hardens back up you can drill it, sand it, whatever... What's great is that you can put it back into the hot water and remelt it over and over. I played with the little bit I melted over and over till the water cooled. So save the scraps as you can reuse them!
Now onto potential uses as pretaining to mecha modeling...
1: Hollow area filler. Merely melt and squish in, sand, etc...
2: The plastic is hard, but has a slightly rubbery feel to it. What's fantastic about this is that I think it might make a great ABS-like joint maker. Probably will be great for ball-joint-cups, etc... I'm thinking that this stuff would be great in MG heads instead of the polycap since I end up usually removing all the things that the PC would hook into to enable the face to go in last after painting. Squish it in and place on the neck-ball.
3: Temporary angle maker for boxes and armor scratchbuilding. Make your first angle, then squish this into the back... remove it and you have a perfect guide for making duplicates of that angle.
4: Mount-maker... basically you can make some armor, place this inside and squish it onto the frame making a good mounting point.
The ABS-like feel is what I like best about this though... I think it'll be great for joints and similar apps.