In short, they let more treble through to the amp. They give you more of the entire range of frequencies that your pickups produce, because they don't let as many of those frequencies go to ground. It is kind of like pulling a wind screen off of a microphone, or taking the grill cloth off of your amp. Having a wider frequency range to work with also lets you more finely tailor your tone pots to your needs.
Many guitars cannot really benefit from them, but I think they do a huge service to Les Pauls. Those guitars should have had 1M pots from day one IMO. I think I will be trying them in my Explorer as well, to see if I can keep the original pickups (496R and 500T). I like their attack, and they have a great midrange honk to them, but not enough treble for me.