It works like the US/IOA express pass in that you can use the fast pass lane all day long without time restrictions on any ride which excepts FP's.
I had this once for a 1/2 day after an incident at Epcot. They had lost a package and had to ship me a new one after the fact as it was the last one in stock at all of Epcot (pair of sunglasses) - not a big deal. They were extremely apologetic and were trying to make me a happy customer so they offered me all day fast passes for my party being inconvenienced (8 of them). I insisted it was not that big of deal and that I could wait for the glasses, and that I did not need to be given anything, but they would not let me leave empty handed. So after a few minutes of turning down offers, which I did not feel were warranted or deserved, I finally agreed just to end the situation.
But I will say, being able to ride test track 9 times in one evening sure made up for the inconvenience and I still have the sunglasses to this day (which in itself is a miracle).