Bob,
Actually your question is such a good one that I'm not sure I can answer it, even though I'm the one that came up with the idea. /w3tcompact/icons/laugh.gif Nevertheless, I'll try to explain the hoped-for effect of the gauge wheel.
First of all, keep in mind that, with the EF-5, all the implements that would normally be on the three-point hitch with a CUT are on the FEL, as with a skid-steer. With that in mind, have you ever used a grading blade, for example, with a trailing rear gauge wheel? (Or, even better, one on each side?) The benefits are so useful they're hard to imagine. Because the gauge wheel is behind the cutting edge, it's riding on ground that's already been graded.
Now, to your question: Imagine the blade out front on the FEL, and you want to do some fine grading. (Or imagine using your FEL bucket this way.) You can't just put the FEL in float mode, because it digs in too much because of the combined weight of the blade and the FEL itself. If you try to control it yourself, you find that every time you start up a hill, it tends to dig in, until the tractor itself is also on the hill. Every time the rear wheels hit a bump, you dig a chunk out with the blade. Every time the rear wheels drop into a hole, you leave a hump where the blade raised up. Now, suppose you could put the FEL in float mode, and support enough of the attachment and FEL weight to keep it from digging in too deeply with a gauge wheel. You could adjust the height of the blade with the gauge wheel so that it was just barely skimming the surface, knocking off the high spots, and accumulating enough material to drop into the holes. Anyway, that's the theory - how well it will work in practice remains to be seen. I doubt it will work as well for fine grading as the trailing gauge wheel does on a three-point hitch blade, because of the differences between pushing a blade and pulling one. But, on the other hand, there are times that the ability to apply downforce can save a lot of time, too. As always, it's all about compromises and trade-offs.