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Just to help out a bit, it increases the spell level (not caster level) by 4.
For example:
The earliest a Wizard could use the feat Quicken Spell (not counting strange interactions with traits or other feats) would be 7th level. He would be able to prepare 1 0-level spell (like Acid Splash) in a 4th level spell slot (instead of a 4th level spell like Dimension Door). Obviously, trading out your highest level spell slot for something so pitifully weak isn't a very good idea.
From what I understand, the best use of Quicken Spell is to prepare some of your better 1st-3rd level spells as quickened versions, when you have access to things like 6-9th level spells. That way, you can crank out multiple spells in 1 round when you really need the extra power.