Sorry I got confused with the TAPE Monitor Switches. the RECORD SELECTOR lets you listen to one source while recording from another. Say you want to record an LP and you're listening to FM at the time. Set the switch to Phono, and record the LP to Tape, and while that's being done, you can listen to FM or another source.
Still, all in all, something I'd want to have on my rig. And not just for aesthetics.
Larry