Going by the screenshot, it looks like you can do a bit more than the System Preferences keyboard shortcut page lets you! Looks more like something like AutoHotkey, I'd say, but with a non-insane interface.
Now any of that can be done in any combination and it's set up in less than 1 minute.
It hasn't got all the features of AHK - some things have to be sacrificed for simplicity but you are very right in saying it has a lot more to offer than simple key bindings. These are proper macros :)