The high speed counter counts or measures events faster than the PLC with its scan time would be able to. The results of this counting/measurement are then able to be accessed by the PLC as information in registers.
A high speed counter may also be able to control outputs which are local to the high speed counter card according to setup information. Thus it may be able to affect the outputs in a more timely fashion than the main PLC program would be able to do.
Some specialized cards are able to send out pulses to control stepper motors though there are usually dedicated cards which may be more appropriate for this function.
Any more specific information is obtained by reading the manual for a specific high speed counter card. Please list the specific model of PLC and High Speed Counter card/function you are interested in.