Just like relaxing, or smoothing/averaging positions between connected vertices in 3d modeling software, this function would assist in untangling knots.
For example, when you have more than 3 nodes linked in a circular way (a-b, b-c, c-d, and d-a), you are not promised they will graph in a regular polygon. In my experience, it is quite the opposite.
This function could begin to smooth and average node positions, easing tension, until the desired logically arranged polygonal link chains are achieved, at which point you could halt the relaxation.
In order to avoid infringing on another separate feature request which I am sure exists (some sort of multi node selection in graph view), I would stick to a global relax function, although, honestly it might be better to use on isolated nodes.
This feature could be used inversely to good effect, essentially starching nodes so that they can resist relaxation, and maintain some positional inertia. Just a thought, or really, a dream. Thank you very much!