I've been trying to think of a particularly good example of that usage. Best I've come up with so far is that one might just about plausibly describe something as "X is the biggest step towards international harmony since World War II", intending to imply not that WW2 was itself a step towards harmony but that it wiped out the effect of all previous such steps, making X the biggest step whose effects we're still feeling.

This is, essentially, what I understand the phrase to mean in general. But as usual, you've just worded it better than me. ;o)