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My guess is some sort of data port for the dealership? ( I did try googling it, but I don't recommend googling 'what is this plug for' with safe search off :-) EDIT: 2009 Heritage Softail
That's electrical. Wondering why it is below the transmission though. It looks like the diagnostics port, but mine is under the seat on my Fatboy, and behind the right side cover on my CVO Ultra Classic.
Does it have anything to do with your air ride setup? I see the Viair compressor sitting just above it. You may need to trace the wire harness back to see what it may be connected to.
Do you have a tuner installed? Could it be related? I have a Power Vision with the Auto Tune wideband O2 sensors installed on my Fatboy. If I disconnect the Power Vision to run with my installed tune, I have an orphaned harness connection like yours until I plug in the Power Vision again. Just thinking out loud.
Edit: Brakeless, I owe you an apology. It appears you are correct! I have never heard of that. Always learning something new!