The Image as Link option allows you to add a link to your image, which opens once the user clicks on the image.
You can set this to open the Image page, which is the dedicated page for this SmartFrame and nothing else. You can also have this link to a custom URL, using metadata to set up unique URLs for different images.
You may wish to use this feature for thumbnail images. Alternatively, it can be used for a product gallery, with images linked to specific product pages.