Apple iTunes Mobile Connection – APPLEMOBILEDEVICESERVICE.EXE
This file was added to iTunes 7.3 and is used to interface with Apple mobile devices like the iPhone. Version 7.3 of iTunes is required to activate your iPhone and is needed to sync or update your iPhone. So if you're an iPhone user, leave this file in place.
You'll find more information on the iPhone at http://www.apple.com/iphone/.
You'll find more information on using iTunes with other mobile devices at http://www.apple.com/itunes/mobile/.
If you don't use the iPhone this file can be safely removed using WinPatrol or via Control Panel > Add/Remove programs.