I'm showing my ignorance here by saying that I had no idea such a device existed. But I'm always changing out home theater components and this little gem really eases the pain of having to strip a bunch of speaker wire. Highly recommended. An automatic stripper is a great tool to have if you do any sort of wiring in your home or car. I couldn't pass this up for the price and it works great. Here at Walmart.
A wire stripper is a small, hand-held device used to strip the electrical insulation from electric wires. A US-style simple manual wire stripper is a pair of opposing blades much like scissors or wire cutters. The addition of a center notch makes it easier to cut the insulation without cutting the wire. This type of wire stripper is used by rotating it around the insulation while applying pressure in order to make a cut around the insulation. This type of wire stripper can be used on wires of any size. Another type of manual wire stripper is very similar to the simple design previously mentioned, except this type has several notches of varying size.