The plugin recopy a block of text (multiple line) and insert it wherever you want.
If your block is only one line, then it just behave like a simple paste.
Maybe a better exemple would be:
imagine that you copy somewhere the following block
if you place the cursor after the d and hit ctrl+alt+v you would get
And the other where I think it start to be really useful is when you try to do that let's say 4 character after the 0123: you insert space in the first line to put your cursor there, and then it ctrl+alt+v and you get
with the space at the end of other line inserted, something that you cannot do easily with ST2 since you cant put cursor after the end of the line.
If you simply want to repeat on multiple line the same text then you can simply use the multiselection from ST2, then paste and it works fine without any plugin.
Edit: bah, I'm too slow, Bizoo explained itperfectly