It's called a "reset" button and it reset's the TV to the original factory presets, which are pretty honkin' ghastly, IMNSHO.
it's located immediately above the source button and, since they are teeny tiny little buttons, it's really, really easy to hit the wrong button unless you are reeeeeeeeeeeal careful and, with my 55 year old eyes, I can see we're gonna be have to be real careful here.
But, hey, for $188 I can't b!tch too much. It's got two inputs on the back, one with "colorstream" (read: component), the other with S-Video AND a third input on the front. Gotta love 6th Avenue and their unadvertised specials. It'll be perfect in the gym for the wife to use for her tape workouts.
It kinda reminds me of the bright orange square "reset" button on the otherwise all battleship grey and black RatShack TRS-80 Model 3 series of 'puters. It was just as attractive as exposed dust covers on speakers to small kids and less than prudent adults.
"Daddy, what's this pretty button do? NO! NO! Sweetie, don't tou...., Damn! There go three hours of visicalc"