I suspect Fermis is right. An artist's blending stump is a common tool used to blend colors and smooth transitions. It's particularly good when it comes to shading or soft light effects.
FSM has published a few articles where builders have used stumps to apply pigments to panel lines for pre-shading and weathering effects. A sharp point on the stump gives great control.
I like them for applying metallic sheens to things like the barrel and receiver of an M-16. I pick up a little pencil lead on the stump and use it to slowly build up the look of metal. It's the same as running a pencil along the edge of tank tracks for a worn look, but much softer. Faster than dry brushing and no need to wait for paint to dry.