That's an emergency release for the gearshift lever in case the automatic electrical soleniod release fails for whatever reason.
You push the key into it to release the lever. Many cars have the same thing.

 

Great, thanks!

 

And does it normally just have a small plastic cover over it? (which is missing on mine)?

It's just a black cover that blends in with the trim. It doesn't illuminate or anything. You have to pry it open with something to gain access, it doesn't have any functionality.

 

Great, thanks!