Browser Helper Objects (also often referred to as BHOs) are executable code (practically programs) that can be downloaded and executed inside Internet Explorer. By way of security flaws in Internet Explorer, or by way of other infected programs, these BHOs are often stealthily installed on your computer. Once the BHO has been downloaded to your computer it can do practically anything, like infecting the computer with viruses, or install keyloggers or other nasty spyware. These possibilities are indeed also used in large scale by the bad guys on the internet.
Because of these risks, it is quite good to keep track of which BHOs are actually installed on your computer, and be able to remove the unwanted ones. All-Seeing Eye notifies you of any added, modified or removed BHOs in your computer, and it also gives you the option to remove any of them immediately when they are detected.
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Example alert screenshot for this tool: