If you are talking about this ring on the outside of the sprocket, I am curious too. I have had several chain driven bikes and never seen this piece. I have studied it and for the life of me can't figure out why it is there.

Thank You!! Was curious when I brought it home but never gave it more thought until this thread.http://www.r3-forums.com/forum/538-tires/5753-changing-tire-sizes.html#post55601
We established it's there in case the chain slips off the sprocket to prevent it getting caught in the wheel. You'd have to be pretty neglectful/unobservant/idiotic to let the chain get that loose. I got rid of mine a long time ago.
You're killin' me. Now I'm considering buying yours to put on the other side of my wheel.Those are power rings - they make the bike faster. I have a near-pristine set if you need extras.