For one, it doesn't belong in the IO:: namespace. IO:: is typically used for modules that present an interface to filehandles, or add extra methods to or otherwise specialize filehandles. The module is a collection of functions that aren't conceptually connected to each other at all, much less connected to the typical use of the IO:: namespace.
The documentation is difficult to follow. The synopsis and code examples can't seem to agree on whether to call it a "filehandle" or a "filehandler", or sometimes "FILEHEANDLER". The documentation for 'capture' is difficult to grasp at first, as it continually refers to what it's doing as capturing, without really clarifying what that means.
All in all, this appears to be one of the typical utility modules people new to CPAN upload. A well-meaning programmer has (what he or she considers) useful, but unrelated, tidbits of Perl, and tries to wrap them up in a random name for distribution.
What I find particularly disturbing about this module (and others by DOMIZIO) is that he appears to be favorably reviewing his own modules under his alias 'igor'.