I.e. you can have a spreadsheet on one monitor, and the results of a bunch of terminal windows on another, and be typing out an email about those two things on another.
You can continue to type the email while reading the spreadsheet and checking the terminal results without having to "switch", or take the draft email off the screen to check that other thing.
I really notice this falls down when I have multiple tabs open in my browser and I want to be mentally dealing with info from one, and inputting it into another. Switch tabs means the one you're entering data into goes away. (Of course, the solution is to have the tabs in different windows, on different monitors, though this example always makes me realize the HUGE time saver of having so much information in view at the same time.)