This is a MAC policy module that grants scheduling privileges based on group membership. Users or processes in the group realtime (gid 47) are allowed to run threads and processes with realtime scheduling priority. For timing-sensitive, low-latency software like audio/jack, running with realtime priority helps to avoid stutter and gaps. The idea came out of a discussion about a bug report.
One thing to keep in mind, is that currently both idle and realtime priority privileges are granted through the PRIV_SCHED_RTPRIO kernel privilege. There is no corresponding PRIV_SCHED_IDPRIO privilege, thus members of the realtime group are implicitly allowed to run processes at idle priority too. Opinions on that?