It's the knife like blade that makes this a slitting gauge. As WV pointed out, these can be used to cut, rather than saw thin stock. (They'll do wonders on up to 1/4 inch thick plywood, too.) It's designed to cut rather than simply mark, like the little cutters on dado planes, butt gauges, and some rabbet planes (and the Stanley #45 and #55). This one would be excellent at laying out the center of a raised panel, as it will actually cut a crisp shoulder and prevent tear-out.
This one is much more rare than the usual panel gauge. I don't believe I've ever run across one -- at least I never got one (can't imagine I would have passed one up).