It isn't anything. You said it yourself earlier - only a variant can be null. A variant is contained in a data descriptor, which describes everything you need to know about the variable. The value portion of a variant that is a null is never consulted because first you have to check the data type... which will say "oh, by the way, this is a null, don't bother looking for a value."
I have used descriptors in other environments. Access has maybe a couple of dozen variable-style data types that could be called out by the descriptor. There is even a descriptor for array types. The basic data type indicator in a descriptor is a byte, so you could have 256 choices. But you actually need little more than 1/10 of that number for variant variables.
However, Access uses the term "descriptor" more generically these days, since there are now file descriptors, graphics descriptors, security descriptors... their use has burgeoned since Win NT was first introduced.