This node is a simple replacement for the fresnel function and allows for the manual design of energy conserving materials - especially of metals.
The inputs correspond to the GUI controls.
Function is an alternative way to define the fresnel effect, using one the function nodes available in the node editor to determine the relationship between the viewing angle and the amount of reflectivity.
Andrew Comb use Schlick's Approximation alongside other free db&w Tools in his Advanced Shading Tutorial presented at the San Diego LightWave Users Group.