I think it is there to let the ink flow. As the ink flows out of the ballpoint, it must take air in through this hole to avoid creating a vacuum.as I write that, it looks wrong, but I can't think of any other explanation at the minute.
This is my attempt: the hole is necessary to balance pressure in the pen. Without hole, the pen wouldn't write, because if it is isolated, there is not air pressure and the ink won't be "pushed" out. The hole permits to have the same pressure in and out the pen. Indeed, i guess that pens doesn't work in vacuum, like in space stations... Do they use pencils? :)
The hole is there for two reasons; firstly it is there to allow air in to equalise the pressure as the ink is used. Secondly, it prevents the pen pressurising as the warmth of the writers hand causes the air inside to expand. I have noticed that permanent markers (especially the fine-tip ones) tend to 'splodge' ink after a few minutes use because of the warmth of my hand.
The hole is especially important should you ever take your pen on an airliner. Without it, the air pressure in the pen's barrel would exceed the reduced air pressure in the aircraft's cabin, expelling the ink. This is a perennial problem with some very expensive makes of fountain pen, which have a tendency to leak on planes, ruining the very expensive suits of their owners.