If there's one thing wood is good for, it's making things more complicated! Adds Charcoal, which can be cooked from woodchips in a Kiln, and then carbonized even further into pure carbon. Forging steel now requires carbon, so wood has suddenly become quite valuable, though for your troubles you do get more steel per iron.
Not a good idea to install on its own, but pairs great with mods that add ways to farm wood early-game. Speaking of which, stay tuned!