This chains the actions 'Switch items to next take' and 'Apply track slash take FX to items'. 

I use it for destructively printing multiple variations of effects with random elements quickly. It ensures you're always applying the effect/s to the original source media rather than stacking instances of the effect on top of each other, assuming you don't switch takes between instances of running the action that is.

It can also be used for quickly applying effects to items with only one take though; the first action, which is invalid in that case, doesn't break anything. 

See accompanying audio file for illustrations and more detail regarding possible applications.