The Component Creator is a tool for automating the creation of components when provided with certain variables (i.e., a starting point and a rate of increase). If you are generating a component with 3 to 5 levels, your time savings will probably be negligible. For components with 10 to 20 levels, the savings is significantly greater. If you went ahead and generated 999 levels of a component with 6 abilities and 10 tech reqs, it would only take about 40 seconds once you entered the base requirements. :)
Note: this file includes the 1.1 install file and the 1.12 patch. Run the included setup file, and then extract and apply the patch according to the readme.