It's an LED and a FET configured as an optocoupler in a 6 pin DIP package designed to be used as a remote variable resistor. You can get them from mouser for $2 a piece so they're much cheaper than vactrols, but the DIP package means a little more work if you like to solder directly to existing components of the circuit you're modding (like I do).
I just pick up some proto board from radioshack and chop it (dremel) into 3 row pieces suitable for the DIP.

Another nice thing is their LED is robust, or perhaps there is some resistance in the LED path that's not listed on the schematic. Bottom line is you won't burn out the LED if you forget to add a resistor like I've done so many times with vactrols.
I've only just begun using these but so far they seem really good! Anyone else tried these?