This Idea has been marked by Kory Kramer as a Duplicate of Ground Distance Template Cursor. Please visit that idea to up vote and provide your user story for needing this functionality in the comments.
Simple tool to toggle rings around cursor.
The radius/diameter of these rings could be managed through a dialog.
As user zooms in/out in ArcMap... the apparent size of the ring would change to represent the distance set. (Zoom in ring "appears" larger... zoom out it appears smaller..)
Sometimes while digitizing features from imagery we need to quickly visualize distances... for example is this river > 100' wide... or is this pond > 2 acres. Having these "template cursors" on would allow us to make that determination without ever needing a map scale or using the measure tools. Especially useful because when zooming in/out one can quickly lose a sense of scale.
Further Ideas for Improvements to the tool:
Multiple cursors at once.
Possibly a Square cursor.
Allow us to enter Area (sq feet or acres)
Choice of colors/thickness/transparency for these tools.
A quick toggle to flip these on/off as toolbar button or function key.
Optional small label identifying what each radius represents.