Hi, Makeaway,
The goals of the material are already quoted. There have been numerous discussions on the material, both in theory, and in situ, on ThePuristS . com Audemars Piguet discussion forum
Take a look (linked from the drop down menus at the top of the page) and do a search there if interested.
Having had quite a bit of on wrist experience with the model and material, I can say my feelings and experience are consistent with those of others -
The forged carbon as used in the Alinghi Team (ATAC for short, Alinghi Team All Carbon) is light, absorbs shock better than metal cases, and torsionally rigid, similar qualities to carbon fiber as used in racing, aviation, and marine applications. Much of the specific qualities depend on the resin composition and the binder used, as well as the ratio of binder to carbon.
As used for the ATAC, it is NOT sintered (pressed powder) but rather cut carbon fiber.
At the present time, the surface hardness is slightly lower than steel and ti, and it does scratch, but due to the intended "pattern" of the finished material, scratches actually are not nearly as "offensive" as with metal cases. Some even feel it adds to the "patina" of the case. It does nick, though, and the resulting nick leaves a "raw" look. At this time (this is being worked on) the material cannot be refinished, and case parts that would normally need to be "refinished" if in traditional materials, have to be replaced.
It is extremely light, and the strength to weight ration is superior, obviously, to any traditional materials used for watchmaking.
The material is definitely one that needs to be seen and handled in person to be appreciated; it is not for everyone, and reactions range from "wow!" to "plasticky"
Here are some more pics from a recent thread on the AP forum - click here