AOS = Apple Online Services. Notify is obvious, right? The 'd' on the end of a process name means Daemon (pronounced demon), and refers to a process designed to run in the background. Hopefully that clarifies somewhat. The kbase article linked below describes how to check your MobileMe connection using Terminal (which reports a connection to aosnotify.me.com).
http://support.apple.com/kb/TS1155
You should have the option to click 'Always Allow' for the keychain access prompt, and you won't be bothered by the request again. It's always good to check into that sort of request (which I presume was why you posted here!), but as the kbase article linked above shows, aosnotify is a 'normal' part of MobileMe access, so it's fine to grant permanent keychain access for it.