This is basically psync with a GUI attached, and is a perfect application for straightforward backups onto hard disks or over networks. Compared to say, Retrospect's duplicate option, which I was using before, this is much better.
Psync is at its best with command-line (terminal savvy, unix and linux) users, though the most common options, such as scheduling a time for backup, whether or not to delete files etc are available in the graphical interface. One of the nicest things for me was, compared to Retrospect, scheduled executions run fully in the background without anything appearing on the screen.
Unfortunately, manual executions open up a terminal window, asking for an admin password, which might scare some users, but could be handy for those who want to learn about OSX's unix underpinnings and see the application doing its stuff.
It could have more options, but if one needs more options, best to get something like Retrospect. Psync is designed for simplicity.