I tested this function out on a track I didn't particularly care about, but I'm glad I did.
I had the folder open when I ran this action and once it ran the file disappeared. I thought maybe it moved to a different folder but checking Jaikoz showed that it should have been in the same folder, just with a new name.
Original Filename was "Swoosh.mp3" and it was renamed to "Stuart Kirby - Dubstep - 03 - Everything.mp3"
When I did a file search for "Everything" I found it (maybe... unless it was a duplicate) in a new location:
Yes if you have Jaikoz configured to inform iTunes of changes and you have iTunes configured to Keep iTunes media folder organized in its Advanced tab then iTunes will always rename files according to its filenaming conventions to match the metadata.
So if you have this option enabled in iTunes there is little point renaming files in Jaikoz.