Vandal is not affiliated to Internet Archive. As for features, it's more of a tiny subset to the mighty Wayback Machine, a web archive service provided by them and it is built using the Wayback Machine API. Also, to know more, checkout the list of limitations below.
The utility of Vandal is to allow quick and easy access to all the archived snapshots for a
URL and it supports navigation to a snapshot as well.
With regards to it's purpose, the Internet Archive has long been a bastion of universal access to knowledge and personally, Wayback helped me find a defunct speech transcript, so am hoping this tool would bring more contributors to the efforts of Internet Archive.