This item is a oxygen tank that would have been used by a pilot of a Tank Bomber airplane during World War II. These became very widely used during the second world war because of the new technology that was being used in regard to airplanes. This and many other items like this began to be made by companies around the world such as Normalair (a British company).
These items are very significant to World War II because they opened up many new path ways to war. The dogfight began to be taken to a new level via devices such as these. Planes could now fly higher than before, and also pilots could more safely stay in their planes for extended periods of time. In cases such as the Battle of Britain, airplanes played an incredibly significant role in WWII, and without devices such as these, it would not have been possible.
Source: http://cgi.ebay.com/WWII-Breathing-Oxygen-Air-Tank-Bomber-Airplane-/250777664807?pt=LH_DefaultDomain_0&hash=item3a63837d27