It looks like a tandem keel (Etap currently uses them and others have in the past) with the addition of winglets. In total, it does look odd as hell, especially given the treatment at the hull attachment. Not very fair at all. It looks like someone read books on keel design and threw in all the options. What kind of boat is this on?
As for what it does a regular keel cannot -- shallow draft with lots of weight down low. But it sure looks like some extra drag in that design. Maybe the designer OD''d on Fosters and Vegemite.