The redirect part of this module issues 301 (permanently) and 302 (temporary) http redirects from the SpaceNode to somewhere else. It was implemented mainly to avoid 404s when moving content around so that Search Engines are kept uptodate. It can be easily installed in a folder on the SpaceNode for directing traffic to another place.
The module also offers a dumb and intelligent proxy setting. The latter downloads the target content and integrates its meta-tags within the SpaceNode theme. An example on the web is the GOE's forums: https://goe.ac/forum/ . The proxy also can optionally cache target files retrieved in memory, reducing the load on the target server and also speeding up response times.