This frees up the CapsLock-the-key for whatever you want, and you get to keep CapsLock-the-function. (And, you don't have to "move" it, such as in the "Swap CapsLock and Control" schemes: you get to have normal Control, CapsLock key for whatever you want, and the capslock functionality.)
I mapped my CapsLock key to "Level3 shift" at home, and mapped various interesting characters into the homerow, and space. I figured "_" is a word separator, and space bar is for separating words, so Level3+Space = "_". Level3 + the home row is stuff like ()[]{}; things that are normally way out.
Not sure how good the layout is, since I'm still trying to get used to it, and old habits die really hard. I was heavily inspired by the Neo keyboard layout[1].