This is a Studio you can use to present your models.
<ul>
<li>Light</li>
<li>Studio Background</li>
</ul>
It would also work for cycles, but you should replace the lamp with light emitting planes.
Its a Preset for presenting your models with studio-lightning. If you use this premodelled Studio or model your own your models will look better.
Does it work for cycles or only for blender internal?