These are all switches that can be used with the xcopy command.
/s = Copies folders and subfolders except empty ones
/e = Copies any subfolder, even if it is empty
/y = Overwrites existing files without prompting you
EDIT: also, the * in the command is used as a wildcard, so that command would copy everything from c:\drivename\, including all folders, subfolders, even if they're empty and will overwrite any files in the destination without a prompt.
The switch /s is redundant in this command though, as /e does everything /s does, but also copies empty subfolders.