Finally found the time to download the plugin and take it for a test drive. It's available as a free trial from
http://www.vertustech.com/fm_freetrial.htm for anyone else you might be interested.
I know many people are wary of plugins for this kind of thing but from my few days of testing the results were pretty impressive. There's even a Pen Tool for adjusting your masks bit by bit if you need to, but the software does a fine job of finding the edges of objects all by itself with very little work on your part. The delete mask function is particularly impressive at removing unwanted areas in just a few clicks without the need to create complex paths and multiple selections.
So, if you're up against a deadline and need to make lots of cutouts simply and easily then this plugin is definitely one for the toolbox.