How many times has this happened to you: you're getting ready to flash a new ROM, so you drop in on the SD Card, reboot into ClockworkMod Recovery, do a Nandroid backup, and proceed with the installation, only to realize that you forgot to backup your apps. That has happened to me more times than I care to count, and flashing a backup just to do a Titanium Backup is insanely tedious.
I guess one dev felt the same way, because he created an app called AppExtactor that allows you to pull data directly from a Nandroid backup that was created with CWM (including 5). Not just apps, either -- it can also pull associated data, SMS, and MMS and put it all right where it belongs. It's like the love-child of ROM Manager and Titanium Backup.
The app is free in the Android Market, so hit the link and give it a go -- make sure to let us know how it works out for you.