From the UIActivityItemProvider.h header,
placeHolder is the return value for -activityViewControllerPlaceholderItem:
Where -activityViewControllerPlaceholderItem:
is a method of the UIActivityItemSource protocol, which UIActivityItemProvider implements.
The documentation for this method in the same header states:
called to determine data type. only the class of the return type is consulted. it should match what -itemForActivityType: returns later
Also, this thread on the Apple developer forums also sheds some light on how the placeholderItem is used.