From what i understand, they just tell you where they're going.

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WARNING: THIS POST MAY CONTAIN TRACES OF PEANUT

Yepp, that all it do so far. In a new patch or update they might change it, enables it to ask the people to drop their cargo on something. (just specualtions and hopes..)

SPQR

I use it a lot with freighters to find out if they go in the same direction as I am.
Hit F4 and you don't have to select your next waypoint after each trade lane.
I am lazy, yes.

ok, i hail alot, if you hail a freight (train/transport) AND IF YOU ARE NUETRAL OR ALLIES WITH HIS FACTION, HE WILL TELL YOU SEVERAL THINGS. sorry about the caps.

1) his ships ID (gold 1-1, you are normally freelancer 1-1)
2) where he is coming from
3) what he is carrying, or picking up if empty
4) where he is going

how can you use this info

ok, let's assume you DON'T have any 3rd party proggies telling you the price of stuff, or what the best trade routes are.

1) you can learn from the computer what cargo is good to carry from what system to where.
2) you can decide on weather or not to form on them to get somewhere easily
3) if you are a pirate, you might not have to chase them, if they say they are going to a station that is right by ya, just park your butt under the moor, and wait for them to moor, easy pickings. or if they say they heading somewhere else, use afterburner to get to the TL and disrupt it just before they enter it. again easy pickin's, once ya disrupt the Tl, they just sit there, pick off those cargo containers.
4) if you have formed on them 9which has found me plenty of wormholes), it's something to do to break uop the boredom.

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how can you use this info

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Some other uses for this information.

If you're playing as a criminal and you're exploring an unfamiliar area, hailing nearby criminals can tell you:

- what systems can be reached by jump hole from this system
- name of a criminal base in this system

Yes, you can find jump holes and bases by following patrol routes, which is often quick, but some jump holes and bases have fewer patrol routs leading to them, meaning it will take extra time to find them. If you hail someone and he says "I'm going to such-and-such base, my patrol is over", and it's a base you haven't found yet, you can find it by following him (when playing as a criminal I tend to not join formation with other criminals because they can involve you in a fight with an otherwise friendly faction).

Aha. The knowledge I seek is now crystal clear.
Now to find that outcast bribe...