Interesting, so it's reading text from STDIN into an Array, then executing its arguments as Ruby code in the context of that Array (or if you pass -l, in the context of each line individually). So all the standard methods on the [Array][1] (or [String][2]) class become accessible as top-level methods.
A few examples:
Capitalizing a line:
echo hello world | rb -l capitalize
Printing only unique lines: printf 'hello\nworld\nhello\n' | rb uniq
Computing the sum of numbers in a table: printf '1\n2\n3\n' | rb 'map(&:to_i).sum'
Personally I think it's a really cool idea.