The new tool 'lsds' allows users to list all Linux block devices and their configuration settings conveniently. Comments from users suggest improvements such as adding JSON output options and packaging for Arch Linux. There's an ongoing dialogue on expanding the tool's capabilities, reflecting a community interest in further customization and features. One user humorously suggested creating a fictional '/dev/seven' character device to demonstrate the playful nature of the Linux philosophy that 'Everything is a File', implying a desire to push boundaries in creative ways with system resources.