AutoBlue is a smart idea wrapped into a somewhat unassuming package. It disables Bluetooth when connected to your home Wi-Fi network, and reenables Bluetooth when disconnected from the Wi-Fi network.
The goal of AutoBlue is to save battery life by keeping Bluetooth disabled when it's not needed. Of course, this is only useful if you don't use Bluetooth at home, and there's really no telling how much battery life you actually save by disabling a Bluetooth connection when it's not in use in the first place.
But it's still a good idea if you happen to meet the criteria necessary to not make this tweak a hinderance. Check out our video walkthrough of AutoBlue in action after the fold.