Is this element some kind of Technic connector? I am thoroughly confused about an element I have come across:



I have never seen a piece quite like this.

It's unlike any Technic connector I've seen, so I doubt if that is what it's for.

The two facing holes on the sides are standard stud diameter, but the tube on the top has angled faces, and doesn't look like any standard Lego width.

I'm starting to wonder if it might be part of some missile launching set, but if not, what kind of piece is it?
Hooray, I get to answer a question!

This is not a piece for launching missiles.  It's actually part of an old steering assembly from some late 80s and 90s Technic sets.

Here's what the whole thing looks like:



And a view of the piece in question:



And an example of how it is meant to be used:



The teeth on the outside of the piece help lock it into one of several different inclinations, so you can vary the angle at which the steering column exits the assembly.

Here is the piece on BrickLink: http://www.bricklink.com/catalogItem.asp?P=2790 (ooooo four digit part number!)

Along with the bottom assembly: http://www.bricklink.com/catalogItem.asp?P=2792

The main rack: http://www.bricklink.com/catalogItem.asp?P=2791

And the steering arms: http://www.bricklink.com/catalogItem.asp?P=4261