It's a footswitch, it has an LED, is had a load of stickers so you can label it for any purpose (including a couple of blanks for your own scribbles), you aren't bound to cable length as it requires you to plug in your own, and it has excellent small form.
I had the old FS-2 for my Rockerverb, and that thing was huge.. but the original FS-1 was barely smaller!
If you don't use a lot of pedals then it can actually be nicer to have the larger switch box, as I guess it is more "present", but for someone with a board this is much more convenient. It is super small and can cram in anywhere.
I DO think it is very overpriced for what it is, and I also think Orange should be including these for free with all its multi-channel amps... but still, I can't knock off any stars as the unit itself is perfectly good.