This board functionally is the same as the FTDI Basic board, only this version has a thinner, purple PCB to match LilyPad components aesthetically.
This FT232RL USB-to-Serial Board for Arduino/LilyPad has a SMD 6-pin header on the bottom. The pinout of this board matches the FTDI cable to work with official Arduino and cloned 5V Arduino boards. It can also be used for general serial applications. The major difference with this board is that it brings out the DTR pin as opposed to the RTS pin of the FTDI cable. The DTR pin allows an Arduino target to auto-reset when a new Sketch is downloaded. This is a really nice feature to have and allows a Sketch to be downloaded without having to hit the reset button. This board will auto-reset any Arduino board that has the reset pin brought out to a 6-pin connector. Arduino Pro and LilyPad boards use this type of connector.
The pins labeled BLK and GRN correspond to the colored wires on the FTDI cable. The black wire on the FTDI cable is GND; green is CTS. Use these BLK and GRN pins to align the FTDI basic board with your Arduino target.
This board has TX and RX LEDs that make it a bit better to use over the FTDI cable. You can actually see serial traffic on the LEDs to verify that the board is working.
A solder jumper on the back of the board allows you to configure it for 3.3V power output and I/O levels if needed.
FT232RL USB-to-Serial Board Resources