depends on what you mean by "significance"

largest word is what is used most often, so if you are writing a paper, your topic better show up as a large word

summarize responses from a group

Helps for students to be able to see overused words too. Put a paper in it and see which words are used to often.

Compare 2 speeches and see what come focus words pop up. Compare Lincoln's and Obama's speeches.

I gotcha. I was/am just having a hard time seeing the application of it. for as much buzz as there is about it, it seems limited application

it is just one tool in the arsenal..most interesting if can get kids to use it for their work (look at the paper you wrote, look at article