I looked this up the other day because I had no idea what this button did on the D2.
Apparently, if you are listening to satellite radio (might only be XM), and you hear a long you like, then you hold that button and from then on whenever that song is being played, even on a different channel, it will tell you what channel its being played on as soon as the song comes on.
Seems like a fairly stupid waste of a button when they could have just as easily put a mute button there.