In simplistic terms it's a pulse generator to sync analog sequencers and drum machines.
I installed the module and the software on my iMac (appears as a plug-in in Logic, Ableton etc) and the IILS worked first time (no fiddling around and head scratching).
http://www.youtube.com/watch?v=drYmSVM50bU
IILS is right up there in terms of build quality and looks. The faceplate reminds me of a H R Giger design for Alien.
Innerclock are a local company (Dee Why, NSW) run by David Lackey.

http://www.innerclocksystems.com/