Is this simply the ratio of the angular momentum that the blackhole is observed to have as a ratio of the maximal angular momentum as limited by some Physics (Kerr Metric?)?
Yes, exactly. For a spinning black hole there are two event horizons, an inner and an outer horizon. The positions of the horizons are given by:
$$ r = \tfrac{1}{2}\left(r_s \pm \sqrt{r_s^2 - 4\left(\frac{J}{Mc}\right)^2}\right) \tag{1} $$
where $J$ is the angular momentum and $r_s = 2GM/c^2$ is the Schwarzschild radius. If the black hole isn't spinning then $J=0$ and equation (1) gives the horizon positions as $r=0$ and $r=r_s$ i.e. just a Schwarzschild black hole. As we increase the angular momentum the inner horizon moves outwards and the outer horizon moves inwards, and when:
$$ r_s^2 = 4\left(\frac{J}{Mc}\right)^2 \tag{2} $$
the two horizons meet and disappear to leave a naked singularity. This is then called an extremal black hole, and a simple rearrangement of (2) gives the extremal angular momentum as:
$$ J_\text{ex} = \frac{Mc}{2}r_s = \frac{GM^2}{c} $$
The value of $0.2$ means $0.2J_\text{ex}$.
I was going to ramble on about the physical significance of this, but Luboš has beaten me to it. See his answer for the details.