It's got a very basic API, so you can use it to create and update your own lists.
I can think of multiple use cases for it. For example: load your twitter feed, scrape the links and display them, load all your rss feeds and display them, open up all links off a frontpage, to preload them.
What do you think? What kind of things must I add to make it useful for you? You might just not like it, because of the iframe technique used, just ignore it then, it really is a very hackerish tool and not meant to be more than that.
It currently works best in Chrome/Safari.