For the Connected
It has a Bluetooth receiver and a Bluetooth transmitter built in, so you can use it to receive Bluetooth or send a Bluetooth signal to a player. It has a small speaker that is fine for most non-music audio, but the best thing about it s the aux output. That means you can attach it to any system with an aux input. In other words, you no longer have to suffer through a built in speaker, but you can attach it to a serious audio setup.
For the Chef
Anyway, if you can keep you phone inside Bluetooth range, these things are fantastic. You can easily setup up "cooks" using their app and set alarms to notify you. If you have an iPhone, one benefit is that it will extend your range.