I have used this when trouble shooting firewall rule issues. We set the device to be in learn mode and then once the rules are added that are needed we do a collect and send props. Then run the tasked called Host IPS 8.0 Property Translator which from what I understand takes the events and allows us to view them via the Host IPS 8.0 (found under Reporting from the main menu). This works really good as from the Host IPS 8.0 you can filter down to the event / rule and create it right from there to your firewall policy.
As for your question I only run it when I am trouble shooting but if you were to have a few systems setup for a short time in adaptive mode / learn mode then you would want this to be running so that you could view them in the Host IPS 8.0
Hope this helps...
By default it runs every 15 minutes (you don't see this in the task list) and translates all the HIPS log data into the right format so you can see it in the system tree like viewer.
The task is in the list in case you need to run it urgently or to check its working. Generally can leave it alone and not worry about it if everything is working as expected!