What does this do and can I get rid of it?

The black hose does say vapor on it. This little plug went into the stock fuel tank and runs into the engine compartment, or atleast it did before I tore into it.

So, what does it do, whats it's purpose in life and do I need it in my life?

But, I am going to Glenn's Performance and getting the sumped tank, Aeromotive pump, filters, s/s brained fuel lines, blah blah blah. Will I still need this vapor thingy if I get rid of the stock fuel tank?

Does this vapor sniffer thing have anything to do with the picture with the black ball in it?

Thanks,
Ben

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Thanks guys, it's going by by.