This is truly a double-duty exercise. It serves two purposes. It builds explosiveness on the concentric (pulling) portion of a chin-up because each rep is re-set at the bottom of the movement.
It also takes you from single-chinner to multiple-chinner. This could be the result of increased grip strength and scapular retraction, which becomes a necessity since there's no need to swing, hump, or kip your way up.
A perfect warm-up virtually ensures a perfect workout, but a poor one will almost certainly ruin what COULD have been a great training experience. Ever wake up dreading the idea of going to the gym, but after getting there, you end up having a great workout? You can thank your warm-up for that.