the pcv valve vents crankcase pressure caused by blowby past the cylinders (every car has some) to be recycled back into the intake tract. Removing the pcv system and simply venting to atmosphere via a filter from the valve cover will cause a slight lean condition, however the eec IV can compensate for this.
Basically people debate both ways on this topic, which is better is anyones guess. Everyone agrees though that if you're going to vent to atmosphere you have to completely block off you pcv system (the valve on the back of the lower intake manifold, the fitting on the bottomside of the upper, and the hose from the oil filler neck to the throttle body). If you do have a severe blow by condition (high miles/poor mainentance) you can eventually get some brown surface film on the metal surfaces of you engine bay.