Does the above replace the standard track rod ends and what does it exactly do?

Banny

 

It replaces the steering rack ends and ball joints and bottom ball joints between the hub and lower wishbone.
I believe the way it works is by using a longer than OEM ball joint to put the steering geometry back right again to compensate for a drop in ride height.

Just about to fit some to my car along with some Exe-Tc struts and other suspension goodies.