not much, what its suppose to do is say your going FLL-JFK-TLV B6/LY so when you check in at FLL they will tag your bags all the way thru to TLV
Something tells me that LY is gonna want to see a face for every bag they put on their plane so the bags may be moved for you to the Term4 where LY leaves from but LY will probably have the bags set aside in a special area or room and have you go ID them and go thru their Security check. The only thing is instead of you having to schelp them from B6s term (#5) next door to T-4 they will move them for you
It miight be more benefical on the TLV-JFK-FLL run as B6 wont make you ID your bags and LY will move them to B6 for you. But I dont know if theres a rechecking in desk at Term4 and if it is who is running it, if teher isnt any tehn you have to shelp the bags just as in the past.
this assumes of cause that you have both the B6 & LY flights on the same tkt and didnt purchase 2 separate tkts