When you press a configurable hot-key, a jQuery dialog box appears where you can search for nodes by title or path, or directly enter the path that you want to navigate to. This will greatly reduce the number of clicks that I need to perform to get to my desired page - even compared to the Admin and Administration Menu modules.
Although it's not a new module (the first commits were 2 years ago), I hope that they are still planning on achieving the list of future directions listed on their Drupal.org project page:
- Make interface act more like Quicksilver (i.e. you should only have to press Enter once to launch)
- 'Actions' like Quicksilver: if you select a node, a second input should appear with options to go to the View page, Edit page, (un)publish, etc. Same with users.
- Hook into more non-node content, like taxonomy terms and functions in the API module.
Personally, this will make navigation around both the front-end and administration area of my Drupal sites so much easier.