Its not new. Its been around since at least the 1950's.
I use it in my lawn mower and snowblower. It cleans up the gummy deposits after they have been sitting for awhile.
A few years ago I used it in an old jeep that was idling rough. Did the hot soak which was basically pour it down the carb until it flooded it out and died. Let it soak for a half hour and started it back up. Blew smoke like crazy for a few minutes, but cured the idle problem. I do this to my snow blower every fall just to clean out any varnish from sitting idle over the summer.
Haven't used it in my BMWs, but its supposed to be an excellent cleaner of the fuel system and intake system depending on where you introduce it.
I don't know about making it like new. It can't undo the wear, but if your motor is a little dirty inside it should help. Maybe it'll clean up the oily mess inside the intake we have seen photos of.
I have never heard of anyone saying it does any harm.