Kaitai Struct is an open-source tool that allows parsing binary file formats through a declarative file format. It supports generating parsing code for multiple languages from a single declarative file, avoiding the need to implement parsers separately for each language. The file format describes elements like sequences and enums, and can define custom types. Predefined formats are available, and the tool includes utilities for debugging and visualization. While beneficial for its cross-language support and tools, it has some drawbacks like being implemented in Scala and having version stability issues.