It's here to let you out of situation where you have 2 afk players.
Only feature I think it desperately needs, is CD or anything to discourage people from fishing for easy 'random' flashpoints. 2 or 5 min sitout if you decline group or not accept it in time. Wouldn't hurt anyone that really can't get into instnce right now, but it would preven getting pop with same people over and over until thwy get 'random' flashpoint they like.
Some feature to transform your group into normal one after finishing content would also be nice, would alow to requeue quickly as group.
Someone got kicked from a group I was in yesterday and I never even got the notification to vote.