There's nothing there that wasn't already on the system before that folder was created.
"GodMode" is just a name the person who came up with it gave it. "NerdMode" would probably be more accurate.
There's nothing particularly God-like about it. It doesn't enable a hacker to do anything they couldn't do before. Everything in that folder already existed on the system before the GodMode folder was created. If a hacker wrote a program to utilize something in that folder, he'd reference it from the normal default installation location rather than try and get it from a folder that might or might not be there.
It looks like a compilation of links to the actions available in Control Panel. Kind of nifty.