The way that I used the tool was to attach a binding onto the front with their Stitch-in-the-Ditch foot and Mitering tool, then use the Zip Bind Tool to hold the binding in the proper position to hand finish the binding on the back side.
The settings look fussier on the videos than I felt that they were. When I got my system it came with a DVD on how to use it.
The Kwik Bind video they include with that product makes it look impossibly difficult, however I did not find it so. Actually my friend came over, threw it on her machine and attached a binding without ever watching their video!
All that being said, I think the easiest bindings I do are the Ricky Tims method. All by machine and pretty darned easy to do. I highly recommend his Grand Finale DVD for showing this method.