Port density is a measure of interfaces and features deliver per rack space taken.
For example today we can have 48 ports 10/100/1000 switched at L3 and with features, taking 1 rack unit, in many cisco L3 switch models or cards.
Or we can have 4 OC-48 pots again in one rack one.
Few years ago that was not doable and required much more space.
Hope this helps, please rate post if it does