The linked page is probably not the best place to familiarize yourself with the tool, comparison page would be a better start, especially for those who worked with other memory-checking tools: http://code.google.com/p/address-sanitizer/wiki/ComparisonOf...

The tool does not detect uninitialized memory reads, and memory leaks are not in yet. However, if they claims about speed (only 2x slowdown) are true, this is huge.