Wow, I didn't even know this existed.
I think it's ok to remove - it's quite undiscoverable, and I'm guessing
is an old method that got superseded by others (displace, random
falloff)
Using displace modifier with a texture is more flexible, and can be
applied to be destructive if needed.
On Wed
In d.b.o, Campbell suggests to keep an edit mode tool to displace based on
a texture.
It might be interesting to add this to randomize tool with more mapping
coordinates options.
Randomize tool also works on object mode. In this case, global or object
coordinates could still be used to randomize a