This summary is not the rule. The rule text controls.
Here's a plain English summary of this rule:
When you go to a hearing, it won't be as formal as a typical courtroom trial. The judge wants things to move smoothly and won't force everyone to follow strict courtroom procedures. However, anyone who testifies still has to swear to tell the truth, just like in any other court case.
The judge has the power to relax the usual evidence rules if doing so helps reach a fair outcome. This means some evidence might be allowed in that wouldn't normally be permitted in a stricter court setting. Also, don't expect a court reporter typing up everything that's said. Unless the judge specifically asks for a written record, none will be made.
Finally, you can't just start making arguments whenever you want during the hearing. You need to ask the judge for permission first. This keeps the hearing organized and lets the judge control how the proceeding runs.