Genie: it's the knee hold without the pain. No, it stands alone and is transitional as many of these moves are. For me I need this move for the Pegasus (I think that's one name for it--side saddle I think some call it).
Think of this move as a double hamstring curl and squeeze for all you're worth. But unlike that hamstring curl where you can flex or point your feet, with the genie (and 90% of pole moves) it is really important aesthetically to point your toes.