From LQWiki

Palimpsest Disk Utility, was created by Red Hat and is a S.M.A.R.T. testing/monitoring tool, showing you the temperature and uptime of the driver, and also a partition management tool that allows you to mark as bootable, delete or label a hard disk partition. Basically, Palimpsest is a graphical interface for all disc-related tasks, from partitioning and file system creation to encryption, raid and lvm.