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It is the standard JConsole with JBoss dependencies added It's used to monitor your servers state and mbeans, I find it very useful.
To test it on localhost start your server and then run the JConsole from your server/bin directory and select JBoss in the Local process selection.
To use it on "remote" server, start your server on "REMOTE_HOST" and then run JConsole from an JBoss/bin directory and connect with the followin string
service:jmx:jmx-remoting://REMOTE_HOST_NAME:9999 (or the port you use) and enter the username and password.