Logged in users will be redirected to their profile page if they try to move to HomePage anywhere within buddypress installation same as FACEBOOK do.
How this plugin can be helpful? Ans: It is suggested that you should have a static HOMEPAGE for your visitors which is having register link. Now once, your user has logged into buddypress, he will be redirected to his/her profile. So, you dont need seperate plugin which redirects the user to profile on logging in. Secondly everytime user clicks on homepage links or logo of your website, he will be redirected to his/her profile which makes easy accessiblity of own profile to the user and more over there is no need to show register link to logged in user.
Any conflicts with this plugin ? Ans: It may have conflicts with the plugins who offer redirections for buddypress plugin