A molding head cutter is a miniature shaper planer that fits in your table saw.
Using the interchangeable It can replace many functions of a router. For instance, the Craftsman set demonstrated in the video contains blades for case work, panels, interior trim, boxes and more.
You can do a lot by mixing and matching the different blades. Blades can also be customized using an angle grinder or grinding wheel to change the shape and profile.