After carrying this around for a few days:
I’ve seen fit to no longer have to carry an Axe, Shovel, or Hammer! I also used to carry an Auto Loot tool.
So, it has effectively cleared 3 inventory slots! It is strong enough to 1-shot Rock/Dirt/Trunks on up to a lvl 4 planet. Also, side bonus… no more switching tools! Hell, I even walk up and beat some spitters to death every now and then =P.
Bonus Bonus: It leaves nice clean 3x3 holes, with no sand/gravel left behind.
It’s been working great!