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What is the . in formula ~. syntax?

On 23/11/2012 08:16, Brian Feeny wrote:
It *is* documented on the help page for formula (and it is not an 
operator, so should not be in the documentation for operators):

      There are two special interpretations of ?.? in a formula.  The
      usual one is in the context of a ?data? argument of model fitting
      functions and means ?all columns not otherwise in the formula?:
      see ?terms.formula?.  In the context of ?update.formula?, *only*,
      it means ?what was previously in this part of the formula?.

In other contexts it is literally '.' (see ?terms.formula).