For those who aren't inclined to view Steve's General Chit Chat video, here's a screen-shot of the mystery item.
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Carbide cutters, holes full of sawdust. Two yellow cutters facing outwards with the inserts near the circumference, and two the other way round with the inserts near the centre. Plus two holders in the round holes, with the inserts facing out.
My guess is it cuts a profile into a plank for a constructional or decorative purpose, like this:
.
Dave