btw guys, does point of moving down mean acceleration = 0? I'm a bit confused on this term though. Does that just mean the object has YET to move?
To your first assumption, yes it is means a=0. It just means that, as eddybaha stated, the object will accelerate if there is any net positive change in force down the plane.
Most importantly, however, it will give you the direction of the frictional force and also lets you know that the maximum frictional force is acting (ie, F = uN).
If it is on the point of moving down the plane, then friction must be acting up (try visualise that it's holding the object in place, preventing it from going down).
If it is on the point of moving up the plane, then friction must be acting down the plane (this will only occur with a tension force or something else acting up on the object, of course)