It handles serial data at rates up to 500 kbps, making it a fit for legacy RS-232 links in industrial controllers, point-of-sale terminals, and telecom equipment where the protocol is still the physical layer.
The 500 kbps data rate is the headline performance figure. At this speed the transceiver can sustain a 115.2 kbps UART stream with plenty of margin, or push a full 500 kbps if the system clock and cable length allow.
That means TI no longer manufactures this specific variant, and no last-time-buy window remains open.