A) basically, this states that the "distance" of an event in space-time takes both euclidean distance and the speed of light in to consideration simultaneously.
B) So if you observe a very fast object on the planet Earth, you will see the event as you expect to see the event.
C) However if you observe the same effect at the event horizon of a black hole, while the even will transpire just as before as seen from its own reference frame, since you are "distant" from the event, it will take place much more slowly in your reference frame due to the distance being constantly created by the event horizon of the black hole.
D) for those of us who will never get above 1/2 the speed of light, nor pass by extremely dense objects, this theory adds only noise to Newtonian mechanics.