Basically what you can do is define you model, connect it to your favorite database and then generate an interface to interact with the data. Basically I see it as tools to create/update small applications quickly or to perform rapid prototyping for larger enterprise class applications. Flash Builder in combination with LCDS 3 can really do alot for you by generating the database structure from your model definition and then will also generate an interface with the basic c.r.u.d. operations ready to go. It will also do things like allow you to easily apply field validation to your model. Sort of reminds me of my good old days working in VB!
To actually see some of this in action, go here.