Not really. Its a way for you to aggregate everything you do on the web in a way that anyone interested in what you're doing can see.

For example on my page, you'll see all things I bookmark on del.icio.us, all the things I digg, and anything I post on my various blogs.

If anyone you know wants to know what you're up to they just have to check one page. Sure they could add all those RSS feeds into an Google Reader (or similar) but if you start a new blog (or switch from del.icio.us to magnolia) you'd have to tell them to subscribe, with something like this you can manage the feeds, and they'd automatically start to see it...

Hope that clears things up.

Mubs