In the Team Fortress 2 loadout slot for each class under headgear and misc. slot#1 is a misc slot #2. I personally think it is going to be part of the polycount update... discuss.
I don't know, because I haven't tried (because I don't have the spy beard or the pyro one) ... but perhaps it's to allow players to wear badges as well as hat-misc?
i.e., wear a grizzled veteren along with your whiskered gentleman?
well, in one part, valve did said they are going to add attributes to hats misc etc