RYAN This is very useful for trying to find out the coverage of your wireless router. I used this at my church for figuring out where our WiFi "dead spots" were, and where the card tends to switch from one hot spot to another (since we have three to cover the entire building).
It's also very useful in tandem with KisMac, having KisMac automatically connect to any open network while wardriving. Leave both windows open so you can see both easily, and you can use AP Grapher to get in a good position for best reception.
Note to those who asked about certain features not graphing (like noise, signal, etc): Those depend on your computer and wireless card. Certain AP cards will not provide data for those features, some will. I don't know off the top of my head which ones do what, but at least you can know why. :)
(Version 0.5.3)