"SharePoint Permission Batch Setting makes it possible to select users or ITEM-RELATED users to add or remove permissions to all items. Concept "ITEM-RELATED users" is brought in and actually means user or group columns in a list. Manager can also select permission levels to add or remove to all items. Moreover, manager can let all items inherit list permission settings one-timely"
There's a link to a video on the page.
Pricing (Sept 2008): $ 199