I wish I knew too! I suspect it does nothing, but might do something in other Freescale chips which have basically this same USB peripheral?
Freescale's example code sets that bit, but their code is a mess... obviously adapted from Coldfire and even HC08. They also use the bit which resets all endpoint data toggles (at least I understand it) during control transfers, which seems very odd to me. I've never gone to the trouble of setting up a working CodeWarrior installation (I mainly use Linux... and getting it to work seemed like a lot of fiddling, at least with the early versions when I developed my USB code).
Freescale's example also only manages a fixed 2 packet buffer scheme for each endpoint, which is easier but doesn't allow enough buffering for simple Arduino-based code using Serial.print to achieve the best USB speeds when used together with libraries like LiquidCrystal or OneWire. So for Teensy 3.0, I mostly ignored Freescale's example code and mainly relied on the datasheet and a LOT of testing.
If you do observe that bit doing anything at all, please let me know!