It has some application, as it examines street by street equity of hands that reach showdown.
For example, I've been getting crushed in my shots at 15/30, despite the fact that I feel like I've played ok and the games have been pretty beatable when I've played. This tends to bear that out:
However, the 'luck graphs' bit is useless, because it measures only luck AFTER one player is AI. Also, it will tend to overstate your expectation relative to your actual earn because of the emphasis it places on hands that reach showdown.