The universal network cable is basically just that: a universal network cable. There’s a labeled collar in the middle and you rotate this portion to go through the different types of network connections you may need. The collar includes rolled, crossover, straight-through, ATM/Loopback, and T1.
Depending on what you need at the time, you just click that collar around until you hit your desired configuration. Network admins and IT guys in office buildings might like to have it in their tech bags; clearing clutter and removing redundancy are good things. It can be had for $20 from various e-tailers.