The 8284 clock generator IC provides clock signals and synchronization for the 8086/8088 microprocessors. It generates the CLK signal from either an internal crystal oscillator or external clock source. It also produces a divided PCLK signal and synchronizes the READY signal based on the RDY1 and RDY2 pins. The 8284 ensures proper reset timing for the 8086/8088 by holding the RESET signal low for at least 4 clock cycles after power on.