The e-setter is a device for people who can easy set up the screen on their TV, some people may have 2 or more TV at home, when they want to move the PS3 to play on another TV, they may find there has no picture on another TV, it is because the output resolution is different on each TV so they can’t get the picture, they have to set the PS3 back to original setting on their current TV before move to another TV, apart from that setting the output of PS3 is so complicated, almost take half hour to do so, the e-setter is a device for you to set up the output resolution easily, people just need to switch a buttons and get the easy set up in few seconds.
Here are two additional larger images of the concept art: here and here.