This has been around for a while. It's still not 100% reliable (for instance, it simply converts the JavaScript `a == b` to the CoffeeScript `a == b`, which is equivalent to JavaScript's `a === b`), but it's astonishingly good in many cases. Very useful as a tool for learning CoffeeScript.
While true I do like the convenience that I could potentially write CoffeScript on a machine that doesn't have it installed and still get the compiled Javascript.