Panel Cutter is one of a series of small, independent Blender add-ons built to stay efficient and lightweight. Its job is focused: it generates panel cut details from edges you have marked sharp, making it possible to add detail to even the simplest geometry and work toward scifi models. The add-on runs in both object and edit mode.
By default the resulting panel cut geometry is a separate object, though you can choose to merge it to the original mesh or keep it non-destructive. Panel heights can be randomized, and a vertex group marks the panel geometry for easy selection. The operator button sits in the W specials menu in both modes, and the redo panel keeps only the functions needed to build different effects and workflows.
The panel details can be baked as normal details for specific areas of a model or across the entire model, so a simple object can be built up into a more complicated one. Panel Cutter is distributed under a GPL license and listed in the superhive library.