It checks for updates to the firmware of your LG DVD/CD drive.
You don't need it, because:
A) Firmware updates are very rare
B) Updating firmware is a risky business (firmware is like software, but lives in a chip on the actual device, so it's halfway between software and hardware - if something goes wrong with a firmware update, you are likely to be left with a permanently wrecked piece of kit).
C) If you have any reason to suspect that a firmware update is desirable, you can go to the website, download and manually install it.
D) A change in Windows means that it causes a problem - probably it was badly written!