What it does
The FPS estimator answers a narrower question than the checker: how many frames per second can I expect at this resolution and this quality setting? Pick the game, your graphics card and, if you can, your processor. Then press a resolution and a preset. The big number is the expected average, and the bars show the other presets at the same resolution.
It uses the same model as the Can I run it tool, so a game that runs great there looks the same here. The difference is control: use this one to decide between 1440p Medium and 1080p Ultra, or to see what dropping from High to Medium buys you.