It's two proc amps in a single chassis. Something like this is almost entirely for studio use, where multiple analog signals are being processed/edited at once. I can't think of a good reason to use it in a typical (or even an advanced) analog>digital workflow.
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I have one and I have never used the second proc amp. I got mine cheaper used though than it costs for the single version new.
The only use I can think of would be if you had two VCRs, running to two DVD recorders and you wanted to do them at the same time and color correct both. Not exactly your typical real world example though.
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