Cloth Deform is a modifier which creates cloth-like wrinkles on top of any mesh deforming modifier, which squashes/stretches its edges (e.g. Skin). It is history-independent, so it gets a single mesh as an input and transform it into a wrinkled-state based on its rest pose. It doesn't do any simulation, so to see the result at frame 100 you don't have pre-sim the (0-99) range, like in any other cloth simulators.

What's New :
Updates: official site does not provide any info about changes in this version.