The little yus stands thirty sixth and writes a nasal front vowel, one of the two nasal vowels of Old Church Slavonic. It carries no numeral value, standing outside the Greek numeral series like every letter supplied for a sound Greek did not have.
Its name is a Slavist's label rather than a word of the language: little against big, distinguishing the front nasal from the back one. That naming pattern, descriptive rather than lexical, marks the letters that were added last and named by classification.
The sound it wrote is the single strongest piece of evidence for the character of the language the alphabet was made for, and the argument is set out in the companion article.
Its later career was decisive for the modern alphabets. In the East Slavic area the nasal vowel was lost and this letter fell together with the iotified a, and it was this letter's shape that survived the merger, simplified into what is now the Russian letter for ya. The letter therefore did not so much disappear as change what it meant while keeping its form, which is the opposite of what happened to most of its neighbours.
For anyone working on the history of the Slavic languages the letter is a key rather than a curiosity. A word written with the little yus in a Slavonic text can be matched against its descendants in the modern languages, where the nasal has usually resolved into a plain vowel and the nasality survives only in a related word or in a Polish cognate. The Slavonic spelling therefore recovers a stage of the word that no living language preserves intact, and a great deal of Slavic etymology is done by reading modern forms back against exactly these letters.