This platform will move in a direction in an horizontal or vertical manner automatically, with the player being able to control how it moves in the opposite axis. See the ASM file for more information.
Note that this requires a patch (that will be installed when you insert the sprite) to be able to use the respawning feature.
A while back I suggested just clearing the flag that is set when the sprite blows up so that it can respawn but in testing I apparently forgot that exploding is handled on behalf of the Bob-omb itself so a patch would be needed anyways.
It could prove to be a useful sprite, as new types of platforms are always great to have.