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While researching information for this question, I stumbled upon the answer but thought I would post anyway to share my findings. The Bricklink entry for the 9700 Technic Control Center set has a secondary picture which is the front cover of the instruction booklet. The 5 Electric, Plug Holder 4.5V/12V elements can be seen in use as holders for the ...

It's more or less obvious that tracks themselves are compatible, although blue rails won't go on dark gray sleepers, which isn't really a problem. You may want to use more sleepers under blue tracks to stabilise it, although the 12v inserts help. Mixing blue and grey track and inserts shouldn't be a problem, should you wish to do so. Motors are also ...

I had one of those, and afaik it was just used for the lights. I had like 2 light poles in my set and they where used for that. lights is about the only thing that could take AC current instead of DC in lego. Those weren't LED's at the time. I just can't find any pics online from the ones I have(had...). Edit: Found it, it was powering this light ...