My jeep has a switch that says trans and has power and comfort setting, im guessing this is for a tow package, what the hell does this button do exactly, i dont notice anything, my 3/4 ton chevy workvan has the tow/haul button and it does nothing noticeable also.  

It just reprograms shift points. It does not make it stronger or make up for bigger tires. While these tow haul buttons have be around for a while they are more of a glitzy sales thing than a must have.