I use "script" a lot to capture the commands & output of interactive sessions, but find the embedded control-characters make them pretty unreadable. It's easy to filter out the ^M etc., but I'd really like to remove the characters that the ^H were meant to remove.
A substitution equivalent [^H]^H would do this for one character, but it'd be slow to have to repeat it one-by-one. I think that some of the utilities have a way to extract the length of a match like (^H)+ but I'm hazy on how to apply it to the N previous [^H] characters.