It is intended for easily rendering objects from different views, without the need to re-position lights, background screen and camera rotation. Just move the camera and you will see, that the background screen and the area lamps move with the camera, while the camera still faces towards the center of the world. Currently the camera looks to the middle of the world defined by the object "camera target". Moving the camera target lets the camera look to another direction.
Please note, that a extended Version of the template is available here: https://blendswap.com/blend/29116
If you want to see some sample blends made with the studio template have a look at: https://www.youtube.com/watch?v=eZVwMFQImi8