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Hi John, I'm glad you pointed that out.
The var JQ = jQuery.noConflict() part is only necessary if you are using modules that have been depending on the jquery47 module.
Using jQuery.noConflict() alone, you can still use jQuery by using the jQuery variable (rather than the '$' variable). However, if you've been using the jquery47 module up until now to implement jQuery functionality on your 4.7 site, you would need to go through all the code on your site and rename the JQ('*') calls to jQuery('*') calls, and remember to do so each time a module got updated.
By using the var JQ = jQuery.noConflict() statement, you can avoid all of that hassle. Code that depended on jquery47 will continue to operate as though nothing had changed, and no extra work.