It sets the timezone file on your iLiad so your iLiad will now know what local time is for you.
The major application for it is to have your scribbles correctly time stamped, unless of course you have an on screen clock.
Yeah I know, not a very exciting application right? Sort of a one time use thing possibly? Sort of the kind of thing the iLiad should have come with???
Whatever, for those that need it, it's here.