It is a multiplier for any light which is handled by the Enviro Light. In Global Illumination mode, this is light from the sky, light bouncing off other surfaces, light emitted by other surfaces etc. However, it doesn't allow you to change just the light bouncing off other surfaces independently of light coming form other sources - if you change one you have to change them all. All of those sources of light are global illumination.
Technically the only "correct" value is 1.
Matt