The addon adds two operators: Deselect Boundary (as the name suggests, the opposite of built-in Select Boundary Loop) and Connect, which performs localized loopcuts on selected faces or edges.
Operators can be found via search menu, or in edit mode menus Select -> Deselect Boundary and Edge -> Connect or Face -> Connect.
The addon is on github. Enjoy
This is now an updated version with 2.8+ support, shorter, faster code. The old “Cut Faces” operator has been replaced with the new “Connect” operator. This new operator looks at face selection only if you have face selection mode enabled, otherwise it follows selected edges.