Simulates the look of different camera resolutions, from low megapixel cameras at the negative end to high megapixel professional gear at the positive side. Obviously it's not actually changing the megapixel count of your output, it's mimicking the visual characteristics that come with different sensor resolutions.
At -10, you're getting that low-res digital camera aesthetic, softer details, less clarity, that kind of compressed look you'd get from older or cheaper sensors. Slide it toward 10 and things sharpen up considerably, with the kind of crisp detail and clarity you'd expect from modern high-resolution professional cameras. More information captured, better definition, that premium sensor look.
Range: -10 to 10 (Great low quality look in the negatives, normal phone photo look between -2 and 2-ish, then more and more high res and contrasty.)
It tends to mess with composition as you push toward the extremes on either end. So if things shift around and change more than you expected, that's why. You can often, sort of, prompt around this.
This is basically a photo-focused version of my previous quality slider, but tailored specifically to that megapixel/sensor resolution feel rather than general craftsmanship.