It's kind of like a sacrificial anode.
A lot of boats use zinc for this purpose. Apparantly zinc gives up something a lot easier than steel.
The process of rust is some kind of electrical process, electrolisys? I think by introducing a small electrical charge throughout the body, it some how sacrifices itself instead of the steel.
I've heard that as long as the car is running it won't rust because of the current flowing thru the body. When it's parked, this device keeps enough current flowing thru the body to prevent electrolysis.
I bought one once for my 914 (they have a major rust problem) but I then went overseas for 3 years and the battery died shortly I'm sure. So I can't say if it was effective or not.
I don't have my physics books anymore. Can someone shed some light on the subject of electronic rust control.