After knitting needles this is THE best tool ever invented for knitters! I always make sure I have a supply on hand because I would be lost without one. It is thin and the crochet hook is small. If you drop a stitch, even with the finest lace, this little tool picks it up in a flash without stretching your stitch all out of proportion. The other end is a fine point so if you need to enter a tiny stitch it is easy to do with that needle-like end.
The ONLY thing that would improve this tool is if they found a way to attach a ring or something that would allow you to attach it to your knitting bag or around your neck with your stitch counter, etc.
Try this little tool and you will never be able to live without it again!