As Makosuke said, there are many other things which can be done using the proxy icon. In the Finder, I use it to make an alias of the opened window (press option+command while moving the proxy icon).

I you have Graphic Converter, you can drag&drop the proxy icon onto the Graphic Converter icon in your dock to easily browse the content of that folder.

If you want to quickly go to an opened folder in Terminal, you can also type

cd (with a space after)

I love this proxy icon feature.

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Indeed.

You can also drag the proxy icon of an open document to another app in the doc to open it in that app (e.g. drag open doc in Preview to your Photoshop dock icon).

You can also drag document icons into folders to make a copy of the doc, like "save a copy as".

You can drag the icon of one BBedit document to an open space in the window if a second document to insert all the text in the first file into the second file.

And so on.