This function is especially useful for creating high-quality figures for publication. Many scientific journals require figures with specific sizes and fonts.
One annoyance of the Matlab's default figure is the complications in defining the figure's size for publication. The other thing is the extra white-space (blank margin) around the plots.
With FIG you can easily choose the desired figure size without any unnecessary white-space. Moreover you can unify the font used for all the labels, titles, legends, colorbars, etc. FIG also accepts all the arguments of the Matlab figure(...).
When reporting bugs, please drop me an email, rather than reporting in the comments (I will respond more quickly, especially if I can email you back).