Help me understand what's going on here with ELB register/deregister

I am trying to understand the sample code here about ELB register/deregister instances:

http://docs.ansible.com/ec2_elb_module.html

  - name: Instance De-register
    local_action:
      module: ec2_elb
      instance_id: "{{ ansible_ec2_instance_id }}"
      state: 'absent'
  - name: Instance Register
    local_action:
      module: ec2_elb
      instance_id: "{{ ansible_ec2_instance_id }}"
      ec2_elbs: "{{ item }}"
      state: 'present'
    with_items: ec2_elbs

So what’s going with ec2_elbs: “{{ item }}” What is “item”?

What is with_items: ec2_elbs? What does ec2_elbs? I am trying to debug this by printing ec2_elbs, but it doesn’t seem that it allows me to use debug with local_action.

This is a loop:

http://docs.ansible.com/playbooks_loops.html