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Yes, admins can view all comments in the comment manager and that is a great thing. I'd just like my users to be able to browse all the comments too, because you really can't fit too many in the recent comments block on your front page unless you wanted your front page to be only comments. So it would be great for users/visitors to be able to catch up on all the latest comments by having a page to browse.
Like this site for instance. You go away for a few hours sometimes and find a ton of new comments to read and they don't all fit into the recent comments block so you have to go and click on every single news link, or go to a modules page to find every single new comment made while you were away from the site.