What would this allow me to do?

You would use that controller to control 240V AC lights such as rope lights, older style motifs, etc.

With care you can use it to switch some light sets (like Big W strings) on and off.

Although the controller does support dimming, you can run into issues trying to dim light sets that contain a transformer.

By the way there are members selling used ones here cheaper than that eBay listing.
 
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