JeremyBanks and davglass have reimplemented the gist.rb command line tool in Python, resulting in a new version called gist.py, which offers additional features. This Python-based tool, originally created by Chris Wanstrath, allows users to create new Gist files from various input files, such as file.txt, file2.js, and file3.html, and supports specifying file extensions through command line arguments. The rewritten tool provides users with enhanced functionality for managing code snippets and sharing them more efficiently.