What's with the ^H?

This is often used in a joke by a techie person.

http://en.wikipedia.org/wiki/Backspace

Excerpt from wiki ....

Pressing the backspace key on a computer terminal would generate the ASCII code 08, BS or Backspace, which would delete the preceding character. That control code could also be accessed by pressing Control-H, as H is the eighth letter of the Latin alphabet. Terminals which do not have the backspace code mapped to the function of moving the cursor backwards and deleting the preceding character would display the symbols ^H (caret, H — see Caret notation) when the backspace key was pressed. This sequence is still used humorously by computer literates to denote the deletion of a pretended blunder, much like overstriking.

Example: My slave-dri^H^H^H^H^H^H^H^H^H boss decided to stall the project.