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My wife drives the sedan so I never really explored it much. I've never even sat in the back seat or dropped the armrest. I have to check that out. I can think of a useful purpose for it.
I believe it's intended for the first aid kit. However, with our '09 that could never get close to fitting in there, plus the kit has the velcro on the side, clearly indicating it is designed to stick to the side of the trunk liner.
I actually think it's just a carry-over from the even earlier versions of the car, and likely those kits were smaller, and made to fit there.