When used, it is substituted with the number of .macro instantiations we've done up to that point in time.
So if this is the 1st time we've instantiated a .macro (any .macro, regardless of name), \@ will instantiate to 0, if it's the 2nd .macro instantiation, it will instantiate to 1 etc.
It can only be used inside a .macro definition, an .irp definition or an .irpc definition (those last 2 uses are undocumented).
rep will increment this, no? Should it?