It's a logic comparator much like the one made by HP for testing logic (TTL) chips in circuit, unlike the HP version this will test 18 and 20 pin TTLs or at least it will once I've built it.
I recommend picking one of these up if you do any repairs on electronics with through hole TTL as it's a real time saver. It basically compares the chip on the board with a known good one and compares the outputs, a difference is indicated by an led.
Check out this thread on the KLOV forums if you'd like to order one or need extra cards for your HP comparator as these new ones are compatible.
This is what it will look like once it's done (hopefully).