Basically, it is a "clone" sim card to your original sim, allowing you to use more than one phone or data periphreal with the same number/contract at a time. Since they are assigned the same number, you cannot place calls from one card to a phone containing a multisim of that number; also, only one of the sims (if you have multisims) can be assigned to send / receive sms and mms.
T-Mobile of Germany does allow you to use your iphone contract with other data periphreals on your data plan, so you could, unless you were lucky to get Netshare in time, get something like a G3 usb modem and use a mulitsim in this one, while leaving your original sim in the iphone.