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And on the iPhone app:

It's a simple little doo-dad: A sort of TextExpander for the Quick Entry window, built for non-AppleScripters. They can have fast access to reusable bits of text, icons, and (on 10.7) emoji wherever they clip their OF items from.

For my own workflow, I'd approach this kind of thing differently... but, you know, I'm nerdy that way. ;-)