This Icon is also called the "Symeon’s Prophecy" Icon. According to the Evangelist Luke, the Holy Spirit told righteous Elder Symeon the God-receiver that he would not die until he had seen the Messiah. And thus forty days after the Divine Infant's birth, when His parents brought Him to the Temple of Jerusalem, Symeon "was inspired" to come there as well, and took the Infant into his arms (hence the title "God-receiver"), and pronounced those famous words which ever since have been spoken at the conclusion of each Vesper service, and which are known as the Prayer of St. Symeon the God-receiver: "Now lettest Thou Thy servant to depart in peace, O Master, according to Thy word…” It was after he had blessed St. Joseph and the Most-immaculate Mother of the Savior, that he addressed Mary with that same prophecy: "Behold, this child is set for the falling and rising again of many in Israel, and for a sin which shall be spoken against. Yea, a sword shall pierce through thine own soul also, that the thoughts of many hearts may be revealed." Just as Christ would be pierced with nails and a spear, so the soul of the Most-pure One would be pierced by a certain weapon of sorrow and pain in the heart when she saw her Son's suffering. After that, the heretofore hidden thoughts of the people regarding the Messiah would be revealed, and they would face a choice: to be with Christ, or against Him. Such an interpretation of Symeon's prophecy became the subject of a number of icons of the Theotokos. All those who turn to them in prayer sense that with the softening of evil hearts comes an easing of spiritual and physical suffering. People come to recognize that when they pray for their enemies before such icons, their feelings of enmity are softened, and that internecine strife and hatreds abate, giving way to kindness.
Evidently the "Softening of Evil Hearts" Icon came from southwestern Rus', but unfortunately there has never existed any supporting historical documentation of its origins. Even when and where it appeared is unknown. The Immaculate One is depicted on the "Softening of Evil Hearts" Icon with her heart pierced by seven swords: three on either side, and one below. In Sacred Scripture the number seven usually indicates something's fullness and abundance. In this case, it is the fullness of that boundless sorrow, pain and "sickness of the heart" experienced by the Theotokos during her earthly life. Sometimes, the Pre-eternal Infant is also depicted resting on her knees.
“All who come with prayer to the ‘Softening of Evil Hearts’ icon will feel a softening of the heart,” said the Rector of Bogolubskaya cathedral, Father Victor, in the city of Pushkin outside of Moscow. “Sufferings of the soul and body are made well. If you pray for your enemies before it, their hostile thoughts will depart, leaving in their place a more generous feeling of mercy. Parishioners have witnessed not only cures of evil and envy, but the icon performs miracles for the health of our body as well. Holy Myrrh flows from the icon in liters.”
Sources:
http://www.stjohndc.org/Russian/theotokos/e_0802_softener.htm
http://www.jordanville.org/news_090829_1.html