The `nice` command alone (a.k.a. setpriority) doesn't do much. The verynice() function is similar to saying:
#!/bin/sh
exec ionice -c3 nice "$@"
Since it uses SCHED_IDLE i/o priority too. It's intended to ensure that no matter how much you bog down the system with i/o and cpu usage, my Emacs session and login shells will remain interactive and in control.
What are the effects of limiting a process priority?