There is a lot of information about emulators on their website:
Emulators-How They Work
Basically they simulate a cartridge fork, they are a little valve that you add on top of your damper rod that controls compression, this allows you to control compression and rebound separately.
The springs are just there to control sag, they make sure that the bike can support it's own weight and the rider's weight. The damping rod or cartridge controls compression and rebound, ie the speed at witch the bike dives under braking and comes back up once you release the brakes, the way the suspension deals with road imperfection, this is all down to damping.
In a damping rod fork you can influence damping by changing the oil weight, but you cannot control them independently, meaning that if you go to thicker oil to slow compression you will also slow rebound a lot, making the suspension very sluggish and unresponsive. By using emulators, you can set the compression with the valves, and set the rebound with the oil weight, they are completely independent.
It sounds very technical but is pretty easy to do and setup, and is really night and day.
To me the difference between going from stock to "springs + 10w oil" was nothing compared to what going from "springs + 10w oil" to "springs + 15w oil+ emulators" was...
But then having this in the front made the rear feel very poor and i ended up changing the shock to!
Here is my thread on the subject:
http://www.600riders.com/forum/fz6-general-discussion/53102-final-motorcycle-update.html