Yep thats what you can do with it, ive personally not used it so couldent comment on how useful it is.
Ive seen a few tutorials on the net for it and theres a tutorial in the Maya 6 the complete reference also i'm pretty sure the help files will have a tutorial on it too.
If your googling tutorials it might be best off to google "non linear animation in maya"as thats the term for wha the trax editor does
"No pressure, no diamonds" Thomas Carlyle