Kinda like Computed Field?

Is this the views equivalent to this CCK module?
http://drupal.org/project/computed_field

Something like that.
This module also allow to use not only PHP but other filters like Smarty Filter, so you can make it more protected by allowing only some PHP functions to use (execute), e.g. "t()".

Also you can use not only fields values but also:

• fields output (unfortunatelly only for previous fields)
• all rows fields values
• view arguments values

Also it provide ability to use this not on only virtual field (which actually doesn't have a value), but on real field that have a value.

Are there examples I can look at; code & output?

BitTorrent module (download it now from http://drupal.org/node/441488#comment-1730870 )
But there I use previous version which support only PHP code ( http://drupal.org/node/441488#comment-1714722 ).
Currently there are no usage examples for this module.

Also similar to http://drupal.org/project/views_customfield