Respectfully, it does not. Attach two Windows 8.1 machines together with an Easy Transfer cable and try to migrate a profile, or even try to get the old PC to make an Easy transfer file the new one can read-- it won't do it.
Did it in 8.0, but not 8.1. And before you say it, no, not every user has the skydrive cloud sync that supposedly obsoletes this tool.
I don't use SkyDrive, so even though it appears to be active anyway, except for storing any files, it should not be relevant. But I have no idea how it and a Easy Transferred system might interact.
Windows 8.1 seems to be a little different regarding profiles than earlier versions. It might be related to the Windows Store and the configuration of some of the Apps, but not really sure. The Sysprep tool does not seem to be able to prepare and upgraded
8.1 system, which might also be related.
All I am saying is, the utility still appears to be available... Is it not functional and from what OSes are you using it?
If you use the utility, I can see why you would want it continued.