Lens flares are generated by tracing rays through lens systems based on real values. The lens and its parameters such as glass thickness and anti-reflective coating dictate the look.
Everything is written in python and opencl which allows the application to run on Windows and Linux and doesn't require a GPU... in theory.
With nearly all render parameters exposed, you can expect to be overwhelmed until the UI gets cleaned up. But for now, you have total control to adjust every tiny setting.
There are clear plans on integrating this application into Nuke. However, there are a lot of issues to solve before that process can even begin.
Realflare includes support for OCIO. Let's be real though, the viewers are locked to sRGB. But hopefully there's more support coming soon.
This application does not really work yet and is currently being developed. There's a myriad of reasons why you shouldn't try to use this tool. However...