Dear Gemma,
That function is really simple minded, it takes a scalp x time image and extracts all time values from a particular point on the scalp. You give it the image and coordinates for that point. You can find out the coordinates by opening the image in Display/image clicking on the scalp map and looking at the first two numbers where it says 'mm:' Yes, you just get the waveform and you should process it yourself in Matlab or Excel. Now what those waveforms mean depends on you and the image you provide. If you have a regressor per condition then providing the beta images for those regressors will give you something like condition-specific average (maybe not exactly depends what else is in the design matrix). If you have a con image then it will possibly be difference between conditions etc. So the burden of interpretation is on you in this case.
Best,
Vladimir