Hi Michael,
It would be used in conjunction with a CAM program for stock setup. The cam program has this option too. It does a cylindrical bounds with the option to use either the x, y or z as the axis direction. it DOES do the tightest cylinder on the presented object, which gives me it's bounds center point.

i would be looking to get this for doing 4th/5th axis work using cylindrical stock.

I think the cylinder would just be looking for the largest axis of the boundingbox output, if using the "x" as a default axis, then that would be either a Y or a Z value, and so on.

I can make a quick demo of what it looks like if that will help.