This service is intended for people not having some sort of inventory solution.
It's discovering your network for machines with SVS installed. If found it will put it in a database.
You can use the database for reporting or as an input for scripts or as computer list for the "SVS Enterprise Admin".
(The Enterprise Admin 2.0 does have an option for that)

Update: this software applies to SVS 2.1
These days Symantec adopted the technology and named it Symantec Workspace Virtualization Admin.
Symantec changed  the used WMI classes and therefore it's not working on the Symantec product.
I stopped further development.