This function allows for more versatile labeling of axis ticks. It offers two possible modifications: 1) automatic reformatting of tick labels based on a user-supplied format or function, and 2) conversion of tick labels to text objects.
The first option simply offers a shortcut to manual reformatting via the [X/Y/Z]TickLabel properties of axes. It also overrides the zoom/pan function of the axis so that ticks will update with your specified formatting as you zoom and pan.
With the second option, the original tick labels are removed, and new text objects are created that mimic x, y, and/or z tick labels. The text object format allows more modification (such as color, rotation, etc) than the original tick labels, and also allows TeX strings to be utilized in tick labels.
Update on 3/26/2013 includes changes to input syntax (no longer need to manually specify axis offsets, and adds convert-or-not option), as well as improved function.