In the words of the author:
"Autocousmatic generates electroacoustic music intended for acousmatic presentation. Based only on a seed directory of source sound files, a desired duration and number of output channels, the program creates multi-channel spectromorphological tape pieces. Audio analysis capabilities are used to discover 'useful' portions of sound files and assess processed files. The project investigates a deeper relation from machine listening to algorithmic composition tasks, and welcomes feedback."
Listen to some of the examples on the website and judge for yourself. And you can read Nick's CMJ article about the system.