Because of it uses Entity Field Queries it is independent on the backend, you could for instance use MongoDB for field storage.
You need ctools and Panels.
The are a similar project with a more advanced setup, Entitylist, but there Entitylist is a abstraction layer for different query builders, Entity List Display is queries done with Entity Field Queries.
After you have activated the module you could use it on a panel page. Set up your page, add content to a pane.
To insert a list of nodes on a pane choose, from the category Widgets, Entity List Display - node. You now have some settings you could do. Your content type must have the view mode you choose for it activated, else it will just use the default.
With Display Suite or some other modules, or with code, you could create your own view modes.
For now, Taxonomy Term (with field reference) and User context is supported, more contexts are going to be added. Context could be from url or configuration.