The purpose?
1) WORKFLOW/VISUAL - It shows the name of the sounds in the piano roll view so you can drag notes around.
2) WORKFLOW - It's a standard way of showing notes. If you can get the notes of one drum synth (with a drum map) lined up with another drum synth (also with a drum map) you can copy and paste notes easily between midi tracks without mucking about.
3) INPUT (most often used for this) - It allows you to use multiple controllers which may send different midi commands to your synth. Allows it all to be in sync...
But that wasn't your question really I suspect..
Yup the UI sucks sadly. They need to take it out of preferences and completely redesign the thing to be more like AD2 or something. It should live in the multidock so we can preview changes instantly rather than having to come out of preferences all the time, and so we can move it around whilst looking at an existing soft synth.
So yes this is something we've been waiting for a long time, at least drum maps signal path was fixed in the last update which is great.