It creates an Anki deck with one card per highlight. The "hint" side of each card shows the book title and the 5 most important words/phrases from the clipping (as determined by Rake [1]). It could also be pretty easily modified to do cloze deletion (fill in the blank) using the "most important" words as the "blanks" on the hint card.
My thinking was that this would help sort of jog your memory of the highlight without just showing the whole thing immediately.
I made a deck of several hundred cards and it seems to work great. Would love if someone tried it out too.
Maybe I'll get started tonight...