Wow, that little butterfly has had some major research done on it. A lot of it is beyond my scope and I'm sleepy to boot, but what I think they're studying is how the scales of each side of the wing is constructed so as to create the different colors on the butterfly. They're studying it in hopes of replicating it into materials we use. Here's a link to the article I found easiest (relatively speaking) to understand.
http://www.nanowerk.com/spotli...
Oh, and that butterfly is in the same family as the Hairstreaks so at least I was on the right track!