P4Merge, I would guess. (http://www.perforce.com/perforce/products/merge.html)
Maybe I should check it out.
Fortunately, with VS2012 the built in merge-tools has become much better and allows you to do inline editing in the basic compare/merge-view as well. Since VS2012, I can't say I don't miss p4merge, but I miss it a lot less.
The (old-ish) version I used had only 3 panes, though, making p4merge superior for 3-way merges. p4merge was easier to use from the keyboard, too. But for ordinary merges, I much preferred Araxis.