The reason for me doing this is that someone mentioned that this component is very useful for installing Jomsocial updates. It seems that when Jomsocial make an update there are many different plugins, modules and components that all need to be individually updated and I am sure the same is true for other Joomla extensions. Now all that these big developers need to do for updates is place an overall Extensions.zip somewhere on their site and users could simply point to that file and install of their extensions at once. Obviously, this would only be appropriate for free extensions but it's still useful!
Here's a screenshot of the new interface:
To get the extension all you need to do is register. Hopefully this will prove useful for some of you out there!