I only put one on my 150 for the **** factor but it does pump a fair amount of air out of it, so id say it is probably a good thing for your motor with less pressure on your seals etc. No noticable power gain though, but with so little hp anyway any tiny amount is something i guess. Just like my uridium spark plug and inferno coil. Didnt notice any difference but in theory there probably is.
it real simple terms they are a outlet somewhere on the outside of the head(i think its the little cover that goes over the valve) and sometimes(well my brothers does) dipstick. Its to relieve crankcase pressure. Its mainly for highly modified engines or turbo/s/c setups really. Somewhere inline should be a pcv valve as well
On car you would call its a oil catch can setup these days(well ****** drifters call it that anyway same **** different smell)