Use cases

I don't know if what I'm about to describe is a use-case or a more complete description of this module's functionality, but here goes:
Think of a Drupal site that has several users that can create and manipulate nodequeues - these editors are constantly adding and removing nodequeues and they want visitors to know the rationale behind each nodequeue, to who a nodequeue's content is relevant, things like that - Having Nodequeue Node enabled on that site will allow them to easily create a Node that is programatically linked to a single nodequeue (technically - to a single subqueue)

Using Views the site's admin can then create a view that displays (using the Subqueue ID argument) a single subqueue's content and the Meta Node that these editors created using Nodequeue Node.

Obviously, having meta data as a Node gives the advantage of being able to add taxonomy terms, CCK fields, etc...

Basically, yes