Not too sure. I know Hondas have a valet key, which only lets the car run for like 5 or 10 mins. Maybe it does something like that, except that you don't have to have a speical key.
On my truck, I had a valet toggle. Basically when the switch is turned on when the car is running, the car will continue to run, but as soon as the key is turned to off, it kills the ignition so that the car cannot be started again until the switch is flipped back to normal. That could just be what my alarm did though. Not super handy unless your valet knows about it, because otherwise he cannot bring the car back to you thus killing the entire point of a valet.
On one of my cars, the "valet switch" disabled the passive arming of the system. It was a toggle switch and depending on the number of times flipped, it would set different items for the alarm also.
The "red button" on my GMC truck turns the alarm off.
My valet switch just turns the system off so it does not operate normally incase you take it into the shop or something they do not have to deal with the alarm and remote start ect ect.