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This module adds the ability to reference non-existing (new) nodes right from nodereference field when You're adding or editing the node.
It's recommended to use this module with a Form restore module. It simplifies the workflow and enables support for multi-step chained nodes creation - if the content type of new node have nodereference fields it is possible to add and reference from it and so on (up to 10 steps now supported).
This group of modules is sort of a recipe module that makes things easier by showing how to integrate some other modules as well as providing miscellaneous features that aren't distributed by Views itself. Sometimes these modules are only base recipes that will need to be themed and spiced up to fit your needs so be creative!