The simple answer is that it is basically just another way of viewing a sequence. It works well when your moving event times around and you don't want to have to worry about moving your events up and down in the event grid. It is also nice for quickly creating a bunch of sequences that happen at a certain timed points.
Try Dragging the events you want from the "Resources" view into the time-line or click the "Add event" button. Then, you can double click to get the same "wizard" or use the properties pane to edit the parameters (Data1, Data2, etc)
You can also create sequences with the "Add sequence" button that are started at points in the time line. The contents of those sequences can be edited when you click on the "start sequence" event in your timeline
Check out the demo video here:
There's also a "Timeline" section of the "Help Topics" in WinScriptLive that explains the buttons and their functions in more detail.