It tells you that over the stated frequency range, the output varies from the input by no more than 3 dB lower or 3 dB higher. However, it does not tell you where the +/- 3 dB variance occurs in that frequency range nor does it tell if those dips and/or peaks occur multiple times over that range.
That's one reason why two speakers that are seeminly simlar based on the stated specs may well sound very different.