As the Perk states, ALL of your spells are silent to other when cast. Meaning if you can sneak up behind an enemy, you can cast even Master spells such as 'Firestorm' completely silently (which happens to be the exact way I completed a Dark Brotherhood contract and cleared the room at the same time...

).
I like nothing more than to Sneak into a room and see a group of four or five Bandits/Falmer, and dropping two Dremora Lords right into the middle of their gathering. Then (while still hidden) start pelting the whole group with 'Thunderbolt'.
It makes being a Mage soooooo much more lethal (to your enemies).
So yes, the Quiet Casting Perk is very, very nice for any type of Sneaky Mage.