Here's a little more info I found on it:
APSDaemon.exe (otherwise known as Apple Push) is the service that wirelessly syncs your device. It may safely be stopped from running at startup, but you may not be able to wirelessly sync your device. It is recommended to leave the process with its current settings for the best customer experience.
So from this, it sounds like it's a means to wirelessly sync your iPod, iPad or iTouch? The above description isn't really clear enough. From the page I linked to above:
This file belongs to product iCloud and was developed by company Apple Inc.. This file has description APS Daemon. This is executable file. You can find it running in Task Manager as the process apsdaemon.exe.
So if you don't use iCloud, it sure sounds like it would be safe to remove from your Startup Group. Kind of depends on how accurate this information is, as it is not from Apple's site. Though this site also notes it's meant for iCloud, and was installed by the iOS5 update.