This clever cable solves two problems in one. At its simplest level, the cable allows you to connect multiple 3-pin fans to one 4-pin connector from the PSU.
This is useful where you wish to install one or more 3-pin fans but there are no available 3-pin fan header sockets available on the motherboard.
In addition, it gives you a choice of two operating speeds for your fan(s), by allowing you to run your 12 volt fan(s) at 5 volts if desired.
This has the effect of slightly reducing the speed of the fan, and significantly reducing the noise. Although the airflow will be lessened, this rarely has a large effect on case temperature.
Two outputs are provided at 12 volts, and two outputs at 5 volts. Therefore you can have up to two fans running at normal speed (black sockets), and/or up to two fans running at a lower speed (white sockets). Either type of output can be used in combination with a Fan Mate to give an even greater degree of control over fan speed.