Linear Control Valve. Its function is to control the engine rpm on cold start, while keeping the revs up for a fast idle.
I would not remove it... unless I live in California or Florida. You will play with the LCV when you plan to do your BAK, Chris.
Daboy, if you decide to remove it, make sure you fill the electrical plug with a ton of dielectric grease and seal it properly with some isolant material. Removing the LCV will not improve nothing to the engine running and it will not reduce the popping, if that is your concern. In fact, once the engine is warm, the LCV sensor is turned automatically off. That's the reason why I don't understand why you plan to remove it.