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A binding, as defined by Web Services Description Language (WSDL), is to a web service as an interface is to a .NET class. That is, it defines a specific set of operations. A WebService class has a default binding, which includes all the web methods in the class not specifically associated with a non-default binding. The WebServiceBinding attribute is used to identify non-default bindings, and also to set properties of the default and non-default bindings. (The WebServiceBinding attribute comes from the WebServiceBindingAttribute class, which is contained in the System.Web.Services namespace.)
A WebService class can have multiple WebServiceBinding attributes, each specifying a different binding. If the Name property is omitted, then that attribute will apply to the default binding. This is the case for the boilerplate WebServiceBinding attribute inserted by VS2005.