This process can collapse large amounts of code into a hopefully a single page of text that can be well understood. Without it, I find it very difficult to keep all of the relevant code in my head when it's spread across the code base.
A few questions:
* Do you worry about file names?
* Do you use names from the code or your own shorthand?
* How do you handle conditionals?
I use names from the code. I do want to be able to locate the code later.
I try to omit most conditionals. The goal is to show the path of interest, not all possible paths. Some conditionals are interesting though --very likely errors, process cancellations, scary bug-tempting edge cases.
Pair program with someone else who knows the system. Write unit tests.