I noticed this in the moderator dashboard today:
What sort of wizardry is this? I did a search on meta for this feature, didn't find anything. What's being filtered and why are we doing that?
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The community gets a head start on Not An Answer and Very Low Quality flags; those flags send a post to the Low-Quality Posts review queue. On large, active sites, the community handles these quickly and they require no moderator action. Therefore, there is a time delay before those flags appear on the moderators' flags page, in hopes that we can avoid bothering mods with them at all.
Checking that box means "yeah, but I'm not that patient and I want to see them now -- gimme!".