This was/is a key part of the Red Hat Virtualization product that was acquired from Qumranet. I haven't used it for many years, but getting a working client was difficult back in the day, especially if you were on Mac. I always found NX Windows was better for X and RDP was better for windows servers, but interested to see the technology is still around.
Indeed, this looks extremely outdated. The build instructions for the Mac client mention: "Before using it, you need to install XCode. I'm using XCode 4.3.3 for Lion". That's 8 years ago.
Spice agent is the equivalent of vmware/virtualbox "guest additions," and is the thing you want to install on your guest if you're using virt-manager on Linux.
It lets you do things like dynamic resizing, copy/paste, file sharing, etc.