[Karl]

This does NOT enable you to compile the kernel binary (aka zImage).
This enables you to edit ramdisk and change bootsplash images and helps kernel developers to deploy their compiled kernel in a usable form.

FEATURES
As of now what we can do with the Kernel Kitchen is

1. Fully menu driven interface (like dsixda kitchen)
2. Extract zImage and ramdisk from boot.img file
3. Create boot.img from zImage and ramdisk
4. Extract zImage and ramdisk from any ftf file that contains kernel.sin (Xperia 2010, 2011, 2012)
5. Create flashable ftf from zImage and ramdisk (Xperia 2010 only)
6. Extract zImage, ramdisk and its contents from kernel.elf (Xperia 2012)
7. Create kernel.elf from ramdisk, zImage (and RPM) - for Xperia 2012
   
8. Create compressed ramdisk binary from ramdisk folder
9. Extract ramdisk files from ramdisk binary
10. Convert png image to rle format (used in android boot splash images)
11. Convert rle boot splash to png file (so that you can edit it)

Source:
[KITCHEN]Android Kernel Kitchen 0.2.2 (Linux / Windows) - xda-developers