yes. it will tell you what RPM the vibration is happening at, and the frequency (or strength) of the vibration.
so if its in the 1800-2200rpm range, I would look at the head through the main shaft.
if its 10,000 rang, the front transmission back to the tail blades.
15-20,000, the motor itself.
I have not had to use my vibration analyzer since I got my vcontrol, so I don't know how easy it is to view the rpm the vibration is at. anyone else used theirs yet? I have been lucky, mine have been in good shape the last several months.