I remember this from the the original hacker news thread and still use it. Anything 'real' gets custom rendered icons for each size, but for side projects where the icon quality isn't critical it's very convenient.
Looks useful, thanks for the link. In case its news to you, with iOS7, a few more suggested dimensions have been introduced than what is available on allthefavicons.com at the moment. More details at the cheatsheet.
I've not touched it in over a year but it still gets used every now and again.
http://allthefavicons.com/