Essentially the case is put on hold for six months. Upon the conclusion of the six months the case would be dismissed, assuming that you did not have any same or similar offenses during the six months. This process is commonly called, "Attempt to Suspend Prosecution", "Continuance without Prosecution", or "Continuance for Dismissal". During the six months the matter will not appear as a conviction; instead it will showing as an open pending case. There are often required prosecution costs associated with such an agreement.
It's a good thing, though it is described with different names, at times. Whatever it may called, an "Agreement to Suspend Prosecution" is an agreement by the prosecutor to suspend, delay, postpone, put on pause - the prosecution of a criminal charge; almost always with some conditions, for some period of time (say, six months). At the end of the time period, if the conditions have been met, the charge is then dismissed. Once the charge is dismissed, since there was no guilty plea, the case would be eligible for an expungement petition under Minnesota Statutes Chapter 609A.
If a condition is violated, the prosecution (court proceeding) resumes, through a trial and possibly acquittal or sentencing.
Some other names that are used to describe this include: continuance for dismissal; continuance without a plea (CWOP); pretrial diversion; deferred prosecution, and so on. The is much local variation in the label applied. Functionally, we are talking about the proceedings being delayed for some period of time upon conditions, no guilty plea, and dismissal if the conditions are met. My expungement page, link below, has more on that topic: