As I've said in game, it replaces the standard UT console with a nicer one, that is ideally suited for the use of Admins.
ie. You can't give away the password for the server when trying to login as an admin, because the console has its own separate field for you to type the password into.
As an admin you don't need to go crazy trying to remember the stupid UT jargon needed to summon most of the commonly summoned items. There is a separate tab in the console, and you just pick what you want from the menu.
And etc. It's just so handy to have.
Read the "readme" that comes with the console. According to the author, there is a slight chance that some servers may see it as a "cheat" and kick or ban you. He says he's never seen that happen, and neither have I. So I'm fairly confident you won't have any problems.
(And any server that is so touchy about addons should be played from a separate install of UT anyway, imho.)
Enjoy.