It generates shadow and light maps, so the lighting is static but it is of a far higher quality, than you could get with dynamic lights. To me, the output looks like what you'd get with a ray tracer.
So it depends on what your goals are with your app, if you want to pick up objects purelight has lit and throw them around the room, it would not work.
LWs dynamic lights still works with it, but there are limitations. For instance if you are carrying a torch, the static lit object shadows will not move because they are pre-calculated. However the areas they already affect will change in brightness.
So again, you have to think carefully about what your goals are and make the necessary trade offs.
Some people create simple programs to show off architectural designs to clients. Purelight is the perfect app for this. Others want to make games where static lighting with a gorgeous ray traced look, makes their game look stunning. Purelight is perfect for this as well.
Have a look a their demo vids on Youtube to see what I'm talking about.