Obviously the usage for bitcoiners of this service would be to exchange from for instance their national currency or EUR to USD for deposit with an exchange.
From the Bitcoin wiki:
CurrencyFair can convert funds added from your bank account to a growing number of foreign currencies. The converted funds can then be transferred to a beneficiary account that you specify.
[...]
This ability to send directly to the recipient's bank will likely make CurrencyFair a preferred method that will allow those purchasing bitcoins through a person-to-person marketplace, such as the Bitcoin-otc marketplace, to transact internationally.
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http://en.bitcoin.it/wiki/CurrencyFairSo in addition to letting you convert funds for deposit at an exchange, you can use the service for person-to-person transactions.
It would seem to be a great way for a trader to ship a foreign currency back home but because the deposit can only come from your own bank account (and not from a bitcoin exchange), then CurrencyFair doesn't serve this need.
A couple other services that are similar, include TransferWise and for tuition, for instance, PeerTransfer.
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http://en.bitcoin.it/wiki/TransferWise