Pretty self explanatory question, help would be appreciated guys.
For the most part, it just closes (some temporarily) most of the services and apps that are running in the background. Gains you some memory. No biggie.
As long as you have about 20% (no less than say 50-100mb, depends on what you're doing) of free memory you shouldn't be experiencing any malfunctions/lags because of lack of memory.
May I add to the OPs question....How often should it be cleared without affecting the device negatively?
If your phone is acting up or lagging more than usual, check your task manager.
It doesn't hurt to clear memory, except it takes extra battery to automatically restart most of the apps anyway.
I rarely need to clear memory. Android does a good job closing apps automatically if it needs more space.
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Fyi, this thread is Support, not tips