Liquid plasma is primarily used in emergency situations;primarily trauma patients who massively require massive transfusion transfusions. Yes, you do circumvent the thaw process, it does provide volume expansion- electrolytes and albumin, as well as fibrinogen. As indicated on page 31 in the Circular of Information prepared by AABB, ARC, ABC,and the Armed Service Blood Program (Aug 2009):
Major Indications: Initial treatment of patients undergoing massive transfusion
Action/Recipient: Coag support for life threatening trauma/hemrrhages
It goes further goes on that it is contraindicated for treatment for coag factor deficencies.