Becca,
Yes, this replaces JomSocial's FB functionality, and adds LinkedIn functionality if you get JLinked. You do need to make a minor modification to the JomSocial template page to add our buttons, but beyond that, it's very simple to replace JomSocial's FB processes with JFBConnect.
As for other features, you can enable or disable as much as you want. There's very little that we force on you so that you can choose the right amount of social integration for your site. You can use (and play) with our demo site if you want to test all our options. The admin area is open to change the configuration as you wish:
demo.sourcecoast.com
Hope that helps. As always, we have a 30-day refund policy. If you aren't happy, no worries!
Best of luck,
Alex