Freeform mode for pen tool

[bibbit]

As the title suggests, I'd highly value freeform functionality for the pen tool, similar to Photoshop's separate tool for it. To clarify, it would allow the user to draw a path with a freehand stroke, then automatically insert nodes in the appropriate places when the stroke is complete.

 

I was surprised to find nothing about this when I searched, as I think it would be incredibly useful, especially on iPad. Please correct me if it has already been addressed, or if it is already possible in some other way, shape, or form.