OK. I think I get it now. From the link "You can store BTC, XCP, and user created assets on any Counterwallet address. In fact, you can store any of these currencies on any regular Bitcoin address as well, provided that you have access to the private key of that address."

So I guess that, once I've earned some FLDC, I'll see the FLDC referenced in some way by the BTC address created by the Counterwallet.

Thanks for everyone for answering my questions.