What this means is that your browser loads a single page (e.g. index.html) which loads a big chunk of javascript. That JS then handles all the state changes, content refreshing, URL changing, etc. So instead of querying the server for new pages as you navigate, the JS asks the server for you.
The advantage is that you (can) have lightening fast user interface and minimal data transfer between browser and server.
As an example, this is my project: http://comparerc.com
And here is an example product page within my site: http://comparerc.com/#!/product/84869/pnp-micro-p-51/
The URL is unique and lands on a unique "product", but all the code is generated from a single PHP page and a single chunk of JS. Despite that, Google has most of my product pages in it's index, just like any normal website.
So all it really does is remove two characters from the URL at the expense of more complexity and fragility.