The subject pretty much sums it up. I use starred items to bump lower priority, undated items up on my list of todos. I don't want to bump the actual priority just to get it onto the Hotlist, but rather my priority field truly reflect the importance of the task.
With this option I could set my Hotlist to show items due in a day or two, with priority 2 or 3 and still easily throw less important things onto my Hotlist by just clicking the star. I work primarily from Hostlist and and Starred lists, but this would allow me to really work off my Hotlist instead of bouncing between the two all the time.