After doing some major digging on other sites, my understsnding is as follows.

It is nothing but a noise supressor.
It can be removed, using straight pipes to the muffler or a Y pipe.
When removed it should unleash a few extra HP.
When removed it will cause the sound of your car to have more roar or throaty sound.
When removed the reduction of back pressure(even though slightly) might cause the car to run ricker.
When removed you should experence an increass in gas mileage.

This does look like something I might want to try. Cheers.

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Stable:
1973 450sl
1978 red diamond ice vette
1975 steel blue convertable vette
2002 steel blue dakota quad.