The PCV system is there to prolong the life of the oil, and therefor the engine.
The hoses on each valve cover are for fresh (dry) air. Blowby gasses contain a lot of water vapor. Blowby increases as the engine wears. The PCV pulls that water vapor out of the crankcase and replaces it with filtered and metered air.
There is already a baffle to help prevent oil from being sucked out of the crankcase. The extra seperator being discussed cuts down on the ammount of oil entering the intake. Oil entering the intake accumulates as sludge on the intake and valves, and reduces the octane of the incoming mixture.
It is recomended that the PCV system be kept intact.