It can function as that, but more or less it's like an internet within an internet. Using your normal browser you can access freesites (sites on freenet), host them, transfer files over Fnet, send messages to people you've exchanged node references with (it's like a PM system for email), etc. All of it is as anonymous as possible, since once you exchange node references with about 3 people, and are actively connected to them, you can access everyone else's nodes without your IP and other information getting forwarded. It's like an internet where every site you visit is through a proxy, sorta =P
