It's actually pretty smart when it comes to Google searches too. Rather than returning you to the first page of your results, it will return you to the point you left the search page through a link. If you go to the second page of search results, then pop into a link, Snapback will take you back to page two of your search.
It also works with bookmarks and addresses in the main address bar.
Having used tabbed browsers for many years the way I normally do a search is by clicking Mouse Button 3 (my scroll wheel button - but Command-Click can work too) on a result link and having that load in a new tab. I'll quickly scan through the links in a search result, sending the interesting looking sites off to a new tab, then flipping between the tabs when I've exhausted my search.
Because of this I don't use Snapback too much, but it has come in handy on occasion.