Feed it equipment to break it down into useful materials and collect their styles.
”
— Item Description
The Style Saver was a crafting bench used to deconstruct items to grant styles to the player. Unlike the Loot Collector, it would not yield Flux or Eye of Q'bthulhu.
As of the Neon Nightsky Patch, this item is now obsolete, as the Loot Collector will do the exact same thing. Any still placed Style Saver will work identically to the "new" Loot Collector, the only difference being the way the Style Saver looks, and the "tooltip" when you look at the Style Saver still says the old "style saving" tooltip even though it doesn't do that anymore.