If you're a young law professor with Federalist Society sympathies, you should definitely apply; the fellowship will fund a semester-long research leave, though you won't be expected to move anywhere physically during the leave. "Applicants should be tenure-track faculty members at a law school in the second to fifth years of their tenure-track teaching careers."
Also, don't feel dispirited if you aren't at a top school. "Preference will be given to applications from candidates who are not currently at top law schools as top schools are likely to have their own research leave programs for junior faculty." More details at the link.