The Handout Wizard is used to create handouts of PowerPoint presentations. Microsoft PowerPoint does support handouts, however these are limited in layouts and they can only be printed.
You cannot format a handout to be printed beyond manipulating few shapes on the handout master of PowerPoint. The Handout Wizard add-in does away with all such limitations.
It creates handouts in presentation format. You can edit the output file. You can customize it exactly to your requirement. Better yet it offers layout definition templates - to create your own unique layouts!