Well, I played with the always on top a bit and it does exactly what I thought it did. It prevents other windows from covering it up, meaning the calling form can't show above it.

In the case that 2 or more windows are set to be always on top, they behave normally, one will go over the other, but a window that's not always on top won't ever show over them.

Either way, setting both of the forms to always on top causes them to behave exactly the same as if both of them did not in that the calling form hops right back on top of the called form.