So according to a Mark Malone, CCIE on Cisco support, the command is used to turn off the security feature to prevent fragmentation attacks that can occur on interfaces for DDoS (it's turned on by default).
IP fragmentation attacks are a common form of denial of service attack, in which the perpetrator overloads a network by exploiting datagram fragmentation mechanisms.
So remember when using `service disable-ip-fast-frag` your router could be vulnerable to fragmentation attacks.