A color image contains more data per pixel than a B&W or grayscale version, and it's always been possible to simply drop that extra color data to turn a color photo into B&W, e.g. selecting B&W from the printer dialog. Adobe's Lightroom lets you take some of that color data that would normally be lost and convert it into additional grayscale values for sometimes stunning B&W photos, but the actual process is almost completely in your hands -- BLACK & WHITE projects more or less automates it. Since there is not one conversion or setting that works for every photo -- you might enhance darker tones for example using data from a color photo's red, orange, yellow etc. -- BLACK & WHITE projects gives you a bunch of presets and controls you can use to create the image that looks best to you. Remember that you're repurposing color data, adding to the luminance data that was recorded by the camera, so you're creating something completely new. Indulge your creativity and enjoy.
Generally all of Franzis-developed software [they do sell some 3rd party stuff] comes in a wrapper when it's given away -- I usually save the real setup file from the user temp folder: Users\ [UserName]\ AppData\ Local\ Temp\. Files are stored in the program's folder & in the user folders. It's normally possible to just copy the program's folder to another copy of Windows, run & activate it, and it'll add the necessary files in the Users folder. When plugins are included, since the giveaways are older versions, they very often do not detect recent image editing apps, so you have to place the plugins yourself. I normally place a copy of the plugins in the Franzis program's folder... in my experience the plugins will work in some apps if you place a copy of the plugin(s) in the proper folder, but others will only work if you use a shortcut to the plugins in the app's folder instead.
Today's GOTD packages the plugins in the setup file rather than in a separate folder, like they've done sometimes in the past. Running setup in my VM, without any recognized image editors installed, it didn't install the plugins, saying I could run setup -- the copy from the temp folder as above -- later to add them. Instead I ran Universal Extractor on the true setup file, and found several copies. Out of curiosity I ran UniExtract on the GOTD setup file as-is, which totally failed.