Correct. This is your data rolled up by local server time. This will allow you to see when you have the most conversions and/or the highest conversion rates. For example, looking at my data I can see that I have very low conversion rates from 8pm-2am. I could then setup a dayparting schedule on my paid traffic sources so that i don't pay for traffic during times which are less viable.
I've also developed a more advanced 3rd party tool to analyze T202/P202 log files which reports this information in a more informative and easy to use fashion, and specifically allows you to see how much you should modify your bid based on your conversion rate during that time of day or day of week. Adwords and some of the other networks will allow you to directly apply this information and use it to increase or decrease your bid amounts during certain parts of the day.
Hit me up if you want the link; I dont want to spam everyone here.