Essentially thats all it is. Last.fm will then compile tables showing you what you listen to the most. I've had my account for a few years now and it's very interesting to see how my listening habits have changed over the years.
It is also fantastic for finding new music to listen to as it recommends similar artists to those that you listen to.
I've been using this for a while now (should've told you guy ) oh well... You guys are very lucky you didn't have to experience version 1.0.2 in all its splendour!
Anywyas, I have a complaint. WHenever I'm scrobbling in offline mode and I come back to my mac I forget to connect to my wifi network and scrobble tracks thus I end up scrobbling new tracks and when I eventually scrobble my iPod Touch tracks I receive an error from last.fm saying the 'tracks recently scrobbled were not added because they dated later than the last played track'