The PFA is a WONDERFUL product.
So to expand on Gutbuckets response from above, here are a couple of practical examples...
You've got a pair of low voltage mics like AT-853's with either a 1/8 inch connector or mini-XLRs. Maybe you don't have a preamp that works with the AT-853s, but you've got a preamp laying around that has XLRs and 48V phantom. A PFA would enable you to interface between these two instead of buying a new pair of mics to work with the preamp, or a new preamp to work with the mics. (Note that the PFAs aren't all created equal. I think this PFA would run in the range of $60, whereas the one specified below for Schoeps is double that...check Jon's site for details.)
The PFA is a potential HUGE money saver for Schoeps guys that eliminates the need to having either the CMC5 or CMC6 bodies, or the VST62i. The popular configurations for using Schoeps are to go (backwards from mic capsule) from your MK-X capsules into CMC5/CMC6 preamp bodies either directly or via a pair of KC5 cables, or directly into a KCY cable. The KCY could be an authentic Schoeps model, which runs around $800 new or the Nbob version, that runs around $450 - $500. The KCY is typically only a foot or two long, so from the KCY most people have a 10 to 15 foot extension. This is a straight cable with a female binder connector on one end and male on the other. At the opposite end of the extenstion, there are several options for powering capsules via the KCY/extension combo. The first option is to go into a binder/KCY compatible preamp. The binder/KCY compatible preamps I know of are Naiant Tinybox, Naiant Littlebox, Lemosax, Schoeps VMS02ib and Schoeps VMS-5U...all of these preamp options are no longer available except the VMS5U, but it costs $2400! Ouch! The second option is to go into a VST62i. The VST62i runs I think $1700 or so new. Ouch! The third option is to run it into a PFA, which is around $120 or $130. YESSS! The PFA splits from the binder into two XLR connectors and you are now able to use any 48V phantom powered preamp you want to power your Schoeps capsules...no CMC bodies, no KC5 cables, no VST62 body required...same great sound!