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This script is simply the Maya version of retiming software such as realviz or other.
The script opens up a window with a graph editor representing Time against Time.
A value of 1 represent nominal speed of animation, above faster and below slower (as you thought :) )
Hit Render Animation and it will render the animation with the new number of frames depending on the speed you choosed.
This script in still in a very early stage, so you may be confronted to bugs, but it works and can be used to make cool effects.
Visit Script Site for a little bit more information, screenshot and an example of retimed render.
Please use the Bug System to report any bugs.
Please use the Feature Requests to give me ideas.
Please use the Support Forum if you have any questions or problems.
Please rate and review in the Review section.