It is a port buffer. A rubber bumper at the rear of the ejection port to prevent the kind of case damage which Z-Michigan describes.
After years of futzing around and such with rifles, I have contented myself with this one EBR.
Here's a photo of the port buffer.
It is the stamped piece which goes over top of the receiver just behind the ejection port.
Also the requirement for the "ET Thumb" required to manipulate the safety/selector has been eliminated by the Williams Ambi Safety. The rifle is really easy to put on safe or fire. The trigger was massaged by Bill Springfield, and is a respectable trigger. Bill also did the paddle mag release, which makes the rifle sweet!
I really do not think one can improve on a rifle design over this one. It fits me so well, it is nearly perfect. I can point shoot on pepper poppers out to about 80 yards and get hits every time, it just instinctively comes up to the point of aim for me. Those who complain of the recoil impulse mystify me. I've shot side by side examples of the M1a, the FAL, and the PTR and they all recoil the same to me, as they should as they all shoot the same ammo.
I guess some people just don't respect the outstanding iron sights on this design as they should. The claw mounted scope is also a great design. I love the 22 lr. adapter kit too. With an autosear the rifle is just so much fun to shoot, both in 308 or 22lr.
It's ok that other people like other designs better. It took me awhile to settle on this one too, having done the rest. I am NOT impressed with the AR rifles, as they just don't fit me as well. That and the "sprooooiiiiinnnng!" under my ear is distracting. I'm sure you get used to it after awhile.
I hope you choose a good one that makes you as happy as this one does me.