The patch prevents eviction of file cache from the RAM, which, when using with zram, makes the system very fast when it is swapping. On regular Linux, when the system is low on RAM, file cache is evicted so quickly and is re-read from the (slow) HDD relatively slowly, that's why the software "lags" (it can't reload the code and resources fast enough to stay fully responsive).
However, with this patch file cache stay in RAM until absolutely necessary to evict it. This GREATLY increases system responsiveness. Even on my old PC from 2007 from the article, swapping hundreds of megabytes to zram is almost unnoticeable process with the patch. The software is so responsive like nothing happens.
Without the patch the PC is uncomfortably slow at times. Swapping process is definitely noticeable, the system may become unresponsive for several seconds (even the mouse doesn't move).
The speedup, however, is a bit of side effect of the patch. It was designed to prevent hard thrashing when the system only evicts and reloads data from the disk for indefinite amount of time.
Watch the video in the linked article above. There's also a LiveCD ISO file to try the patch effect without installing the system/the patched kernel.