The Youtube test video can help Youtube users who are experiencing problems playing back videos on the popular video hosting website. Some Youtube users for instance mention regular playback problems, often described as stuttering playback which can be analyzed with the test video.
Playback problems can have different reasons including connection problems or a slow connection to Youtube. The Youtube test video can be used to analyze those connection problems as it displays connection information that are not displayed usually.
Youtube will for instance display the video fps, speed of the data stream and dropped fps.

The Youtube Video Speed history page contains a link at the bottom to show the test video. A click on that link will open the test video on the same page and start the playback.
The information about the stream are displayed in the upper left corner of the screen.
The very same webpage contains information about the average speed in Mbps that users of the same ISP, town, region, country and worldwide are experiencing on average in the last 30 days.

Those information can also be used to compare the experienced connection speed that is displayed in the test video with the displayed connection speeds of other users of that IPS or city.
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Connection problems? Largest connection problem in chain is youtube servers. :)
It is money sink and placeholder for Google. Guess they are trying to find fine balance where performance would be bearable but cheap enough to provide.