I've been thinking about this and after looking at the PCB line traces I think it has to do with the RTC (real time clock.) So I think it is a reset for the RTC if it gets all funky or frozen. Instead of needing to open up the case and remove the battery, all you need to do is press the SW8 button. You probably need to push it for a few seconds to discharge any capacitors and you probably need to do it while the power plug is removed.
That is my best guess.