It’s basically an option to give you full bandwidth to four GPUs individually if your motherboard does not already use some kind of PCI-Express switch already to do it. This could be handy in cases where you don’t expect all GPUs to transfer at the same time.
Although I am finding it hard to verify (the Asus web site returns to the home page after clicking on the “Rampage III Extreme” link), I believe that the original motherboard does the same thing without the benefit of the NF200s. Presumably a CUDA user would have paid the $20 extra for the P6T7 which includes the two NF200s on the motherboard and therefore wouldn’t need this funky “daughter card”.
The PCI-Express slots do the usual splitting of x16 slots to x8 slots as you install more cards. Apparently this daughterboard was a tactic to avoid having to pay for NF200 switches on a motherboard that people might not use.
But yeah, for the price of this motherboard, it would make a lot more sense to just buy the P6T7.