I accidentally found that if you select some text in input box on OS X and hit ^-L this text flashes in yellow but nothing else happens.

You can try it in your browser's location bar. I use Chrome but I think it works in Safari too. Hit -L to select the text in location bar and then ^-L to make it flash.

Any ideas what is it for?

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look at keyboard shortcuts in prefs. Just guessing: that's what it does. It helps you figure out which input box is selected. – Yar Oct 28 '10 at 18:14
It does not work when no text is selected. So if this is a way to highlight the selected input box it's very limited. – Andrey Fedoseev Oct 28 '10 at 18:31
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1 Answer

up vote 1 down vote accepted

In multiline input fields, it is used to center the selection.

Before (top) and after (bottom):

before after

The highlighting is done to make it stick out, just like with Safari search results on a page (Cmd-F/Cmd-G).

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