I have the last version of this plug-in.
The version I have fundamentally has two parts: find a neutral color (works like gray or black droppers in a levels/curves adjustment); correct for specific color types (flesh, sky, foliage). The second tool tends to over saturation but can really give you a postcard blue sky or enhance some scenics.
Once in a while it has helped with some really off color images. However as I have become more adept at color management and using Photoshop’s built-in tools I find that I hardly ever use iCorrect except out of curiousity to see what it will do with an image.
I also have another color correction plug-in: Photowhiz ColorWasher. Sometimes if I have a batch of similar snapshot images and I like what Colorwasher does with one I run all of them through it at the same settings. I still use Colorwasher more than iCorrect and I believe the upgrades are gratis.
With any global plug-in like these be sure to save the original image as a layer is a PSD file or as a separate file altogether. I find plug-ins like these more useful for scanned film images than original digital images, especially if you are using raw digital images, because of the nature of the corrections you or the camera make before you even fully open the image in Photoshop.