I can't tie this up with my (first) version of Skienna's algorithm design manual, but if this is the algorithm I think it is (http://en.wikipedia.org/wiki/Kosaraju%27s_algorithm), this is the second part of a two-part algorithm, and the effect of the first part is that in your diagram there will be a depth first search from V3, removing that component, before one from V2, and only then will there be a depth first search from V1.
The first part runs successive depth-first searches, and numbers the nodes in order of the last time they are visited by the depth first search. The second part, which you are describing, initiates depth first searches in decreasing order of the number assigned, and the edges between nodes are reversed.
If A can get to B, but B cannot get to A, then if the first part visits A before B it will visit B in that depth first search and number A greater than B, because it exits A after exiting B. If it visits B before A it will number A greater than B as well, because it will not get to A from B and so will visit A in a later depth first search.
So if A can get to B but B cannot get to A, then in the second pass (with edges reversed) B can get to A but A cannot get to B. It will start from A and output its strong component and then only later start from B and output its strong component.