It doesn't have any heat that I ever noticed, but back when I was small and we were broke, Pickapeppa, cream cheese, and a decent cracker was one of the high-tone appetizers Mom made when special company was coming over.
It's a really unique sauce for those who haven't tried it. It's not a hot sauce because it uses "sweet" chilis, and it's not anything like a steak sauce- though it's great that way if you can afford it. Millsfield pointed out it's from Jamaica, but it doesn't have the standard Jamaican spices (allspice, thyme, etc.). It's truly weird, but truly good.
Oh, and for those of you who are just dying to know what the other two standard "toney" appetizers young housewives served in the early 60's were- broiled bacon-wrapped chicken livers, and these funky baked, sharp cheese bread-like balls with a green olive in the center. Long live Good House Keeping Magazine, and mothers who are so frantic the last hour before company shows up you can easily snag 5 or 6 appetizers before they catch you.
PS: If you have the chance, shove a bacon-wrapped chicken liver and a cracker with Pickapeppa & cream cheese into your mouth at the same time.
I swear, I'm convinced that's why my balls dropped early.