Morph presets are of somewhat useful by themselves, but their main use is in combination with Easy Import. Morphs must be loaded while bone names and meshes are still intact. This means that morphs must be loaded before geografts and lashes are merged with the main character mesh, and before the armature is converted to some more animator-friendly rig like MHX or Rigify. The used to limit the usefulness of Easy Import, because only standard morphs could be loaded at the right time. If we wanted to load custom morphs, the last steps had to be done manually, after the custom morphs were loaded.
We can now enable Transfer Shapekeys, Merge Geografts and Merge Lashes, knowing that these operations will be performed after all morphs have been imported. We can also choose a rig type which changes bone names like Rigify.