This plugin will hide completely the contents of the ignored members. i.e. when a member ignores another member and selects the Posts options, the content of the posts and topics of the ignored member(s) will be hidden completely from the forum for that member. The same goes in the Activity Feed page, Search Results and ignored members profiles. Also, the name of the ignored member will not show as the last poster either in the topic listing or forum listing.
There are no settings for this plugin btw. After you install it, the hidden content of the ignored members will be done automatically.