This preprocessor directive is a contraction of #else and #if, and avoids multiple #endif's at the end. Here is an example without #elif:
#if rce1 ... #else #if rce2 ... #else #if rce3 ... #else ... #endif #endif #endif
The same example above using #elif would be:
#if rce1 ... #elif rce2 ... #elif rce3 ... #else ... #endif
which is shorter and clearer.