Yea you will get temporary party points bonus (party points are checked only when acquiring followers,
so this allows you to have more followers than your "normal" number of party points would allow) and
you will be able to travel with one more character as long as you have the CH bonus. Remember how
many followers you can have and with how many characters (npcs or players) you can travel on world
map are 2 different things (first is determined by party points, second by CH).
Edit: actually I'm not sure if number of characters traveling in group on world map is not capped at 10,
but it should work with lower CH.