I think a lot of the confusion surrounding it, is because to be honest its somewhat cumbersome to set-up properly so people give up half way through with a misleading impression. Yes its different to how os4 and mos'es 68k intergration works, but it gives a broader compatibility and really, how many 68k libs does a person use/want to use on os4/mos apart from those that are needed for specific software (in which case aros is also covered has).
Using any 68k library from an X86 program isn't that important. Allowing the 68k programs access to the network, hard drive, cdrom etc is. Being able to run a 68k ftp server for example and having it indistinguishable from an x86 ftp server when you connect to it. Sound and graphics as well should be integrated, so either type of software can open screens and play sounds.
Nice to have would be one workbench where iconified apps will appear no matter whether they are ppc or 68k.
Even better would be allowing x86 apps to access 68k datatypes and vice versa (I'm not entirely sure if this is possible, but it's a well defined interface so it might be possible to create a thunking layer). The same for xpk.