apache2-mpm-itk (just mpm-itk for short) is an MPM (Multi-Processing Module) for the Apache web server. mpm-itk allows you to run each of your vhost under a separate uid and gid—in short, the scripts and configuration files for one vhost no longer have to be readable for all the other vhosts.
mpm-itk is based on the traditional prefork MPM, which means it's non-threaded; in short, this means you can run non-thread-aware code (like many PHP extensions) without problems. On the other hand, you lose out to any performance benefit you'd get with threads, of course; you'd have to decide for yourself if that's worth it or not. You will also take an additional performance hit over prefork, since there's an extra fork per request.