ImportXML lets you get information from filetypes such as xml, html, csv, tsv, as well as RSS and Atom feeds that you might read today in Google Reader. It can only read publicly available files by default. Data in other spreadsheets can only be referenced after the relevant spreadsheet has been published.
URL is the URL of the XML or HTML file. Query is the XPath query to run on the data given at the URL. Each result from the XPath query is placed in its own row of the spreadsheet.
Instead of copying and pasting information from a bunch of websites, this is will do it in 2.2 seconds. It automatically pulls it into a spreasheet so you can work with your data however you want. If you’re a trader, you can automatically pull in all your stocks into one spreadsheet effortlessly. If you’re an SEO, you can acquire 100′s of link targets from around the web. If you’re an online retailer, check up on your competitor’s pricing for Product XYZ as soon as it changes!