This attribute window button changes the display of binary attribute values, or values which data type is Octet String or another hexadecimal format.
As you can see in the screenshot, LEX tries to show binary data as ASCII characters, this is because many directory servers store text data in binary attributes. If you want to see the real binary data in hexadecimal output, you can press the Show hex output for hex values button :
You can also switch the display for a single binary attribute row with the context menu (right mouse click) and the option Show Data as Hex Values / Show Data as ASCII String.
The Show hex output for hex values button is not available if the attribute window is in text output mode.