i was wondering the same thing a friend thats into electronics said it looks like they are using it to filter out unwanted ac noise
As an EE I will confirm that as why. Also there is little about that capacitor that makes it special, and there are a lot of substitutes you can use in a pinch if the capacitor is bad.
Side note: capacitors fail in one of two ways:
Open/low capacitance failure: The capacitor opens or has a much lower capacitance. This is roughly the equivalent to the capacitor not being there.
Shorted failure: a total short, or a low resistance. Normally when a capacitor is charged fully, it will become a very high resistance (you can confirm this with a standard analog multi-meter, the resistance reading starts low, then raises higher as the capacitor charges.) When a capacitor is shorted or has low resistance you risk a messy failure--they can explode with a messy bang. They will usually get hot as well.
It is also possible to have both types of failures in the same unit. So a capacitor will have low capacitance and exhibit a low resistance short too...
With some voltage regulators it is important to not put the capacitor on the wrong regulator terminal. Doing so will damage the regulator (the capacitor causes the contacts in the regulator to excessively arc and fail.)