as already mentioned it reduces emissions, in particular, oxides of nitrogen.
It does this by allowing some exhaust gasses into the air inlet tract on overrun and under certain light load conditions which lowers the combustion temperature to below that required for the oxides of nitrogen to form.
Great for the environment and it costs you nothing in terms of fuel effeciency power or engine longevity while its working properly.
once its no longer working properly it can stick open robbing you of power and introducing bulk quantities of soot into the engine. Combine that soot with a little oil that comes from the engine crankcase ventilation system and all of a sudden youve got fresh valve grinding paste making it into the engine. When was the last time you heard of an engine manufacturer reccomending that?...
theres a handfull of options for getting around it.
1. clean it up, thats what I did to mine the first time.
2. blank up the controls, thats just a case of pulling off and blanking off the vac lines and gives you the excuse of "dunno officer the mechanic must have done it when I took it to him complaining of rough idling"
3. blank of the exhaust line as well, as they can still leak a little by not quite closing up over time
4. remove it (I did)
the later ones also have a butterfly valve that closes off the intake manifold and increasing the intake of the exhaust gasses and removing that one gives you a little more engine braking capability.

