I believe she’s talking more about the edges of a mask. For example, if you had to isolate a furball, you would use the brush or just make a rough selection and fill the center in. For the edges though, you want to be able to color in just the whispy hairs but not have to zoom in all the way and use a tiny brush (which still wouldn’t look good). So, you can use the Burn tool set to Shadows, at low opacity, and just work the area over with broad strokes and it will only "work" on the hairs and not the background (assuming you already did some channel and levels voodoo to get the object semi separated). In the same way, you can use the Dodge tool set to highlights to clean up the surrounding areas that might have some grey specs.
You can also use the brush, set to Overlay, and use white or black and it will behave roughly the same way. It is more of a coarse effect, while the dodge/burn allows for more fine tuning (because you can choose to affect highlights, midtones, or shadows).
Best to explain with pictures. Say you have a Santa hat, and you want to isolate the white cotton area.
Blue Channel of a Santa Hat <
http://www.mustangmods.com/data/8259/bluechannel.jpg>
If I use the Brush, black color, set to Overlay, you can see that it tends to darken the grey areas a little too much.
Using Brush set to Overlay on Black Background <
http://www.mustangmods.com/data/8259/brush.jpg>
However, in this case, using the Burn Tool works better. It leaves the white and grey areas alone and just darkens the black areas.
Burn Tool, set to Shadows <
http://www.mustangmods.com/data/8259/burn.jpg>
No painstaking small brush strokes needed here, just broadly went over the black areas.
I like to use the Brush/Overlay dealie with harder edged images.
On the second item, regarding hair, I think she’s just saying that it’s not worth going after every hair because the naked eye can’t see every strand anyway. To emphasize every hair would look unatural (much like you wouldn’t draw every eyelash when drawing a face, it just looks bad). There’s also the diminishing returns (is the pic really that much better because you got those 7 extra strands of hair).