Doesn't show if a character is lapped. I just did SLK vs LV. Maul had very little TM on my SLK turn, so I knew SLK would go before Maul. But SLK was only shown in the queue for his current turn.
Personally I think the biggest flaw is, the icons are too small. I find it overall to be pretty useless for me, there's a lot of other features I would much rather they have added...