It contains the running kernel's configuration, just like /usr/src/linux/.config contains the configuration for the kernel that you compile. It might even be exactly that file, gzipped.
In order to have it available, it must be enabled when you configure the kernel (along with procfs, too):
Code:
General setup --->
[*] Kernel .config support
[*] Enable access to .config through /proc/config.gz
It corresponds to CONFIG_IKCONFIG_PROC. So if it's working, you could do
Code:
zcat /proc/config.gz | grep CONFIG_IKCONFIG_PROC
and see
Code:
CONFIG_IKCONFIG_PROC=y
(self-referentiality is fun)