Alex,
I think it's a cool plug for ABing complex assortments of parallel FX chains. There's nothing it can do that can't be done in Sonar, but it might be convenient if you wanted to build up a complex array and switch.
As most in the forum know, I record a lot of live performances in the field and then mix them in a single project. So, if I wanted different arrays of FX for the same channel depending on the song, I could use this tool. I could also save presets and bring them over project to project. At a live performance, I could even use it when running sound to bring up complex FX chains on a single track with a single click.
Just thoughts.