It's an "auto" petcock. Basically a vacuum system that only allows fuel to flow into the carbs when the engine is running.
If it is working well, then it's convenient. You might just have to crank the engine a few extra times before it'll start to get fuel into the carb bowls and into the engine. It allows you to never have to manually turn the petcock off.
If it's failing it can be a huge headache.
No harm in taking if off and running the fuel line straight to the carbs.
A lot of people just remove it and manually turn the fuel off when they stop their bikes (or make sure their carbs are always squeaky clean and won't get stuck float valves so they won't leak).
1981 CB750K with 900 cams
90K KM's, rebuilt head, rebuilt carbs, upgraded valve stem seals
My wife's recipe website that I'm trying to help promote:
Strawberries for supper. Yes, I am a lucky man.