It may not be fancy, but this is a superior dual-purpose tool.
On one side, it's a pool cue tip shaper that adjusts your cue tip to have the perfect radius. If the curve of your cue tip is not the right shape, you won't hit the cue ball right.
On the other side, it's a cue tip scuffer, which allows your cue tip to hold more chalk for longer.
All of this adds up to giving you better cue ball control -- without that, you'll lose games and impress no one. :( That ain't Genuine Hustler style...
Do it right! Get one of these for your pocket and one for your cue
This is a superpocket-sized tip tool shapes your tip on one side, and scuffs it on the other. It is made from a durable plastic that is lined with a coarse-grit abrasive. A scuffed tip will hold chalk better, reducing the chance of a miscue. A properly-shaped tip will allow you better cue ball control.