There are two connectors that plug in there (if that is indeed what I'm looking for. One wraps around the front of the engine timing case and goes to the cam position sensor, while the other goes all the way down and in front of the motor as a crank sensor of some sort.
These are both driven (I believe) by magnets, so rarely ever fail. Just make sure they are connected where they need to be.
I can't tell if it's connected in the picture. The two should plug in parallel to eachother.