I have tried out the module (including patching the nodereference and userreference modules) and it works as per the readme.
When I create a "Flexifield tester" node I get a list of combined fields as per the explanation in the readme. I let the "Text and Node" types nodereference refer to pages.
So in my "First Flexifield" node I have a list of references to a few pages, with some attached text. How do I access this info in views? There are no nodes of "Text and Node" created.
As described I guess you could have "Flexifield Tester" nodes working as a many-to-many relationships manager; but as long as I don't get it through views, I'm a bit stumped.
If it created "Text and Node" nodes I would feel a bit more comfortable with it (especially with autonodetitle and tokens added into that mix).