would you care to expand on that kind sir!

or anyone else willing to chip in.
No problem!
USB OTG allows you (with the use of an
OTG cable) to hook up a flash drive as extra storage. I like to keep my music on the flash drive, and then hook it up when I want to listen to something. This keeps that space from being taken up on the tablet.
StickMount and root are needed for the device to write to the flash drive
Ad-free when installed an run will block nearly every ad from running inside of apps.
Titanium Backup Allows you to take a backup of your apps and their data. Why is this useful? If you device to get into ROM flashing many times you will have to wipe the devices data. This prevents you from losing any game progress or other important application data. (Even if you dont get into flashing ROMS, I also find it useful for having a save point in some games so if I die I can go back

)
DroidWall Lets you restrict what apps are able to access the internet, and when they are allowed to do it. Much like a computer firewall. (Not as useful on a tablet)
Wireless Tether for Root Users allows you to tether for free (not useful on a tablet unless you have the 3G model)
SixAxis Controller app Lets you use your PS3 controller for games on your tablet!
Flashing a ROM is like changing the operating system of a computer. You can gain many new features by flashing a ROM. The great thing about android is that it is open source, so developers who like to dabble in their free time can add to it and make it even better! Custom ROMS usually give you all kinds of customization options that is very easy for the average user to implement.
Kernels connect the ROM to the hardware. It controls things like the current to the CPU, the frequency that the CPU is running at, ect. Flashing a custom kernel can give you increased battery life, and better performance over the stock kernel, as well as added functionality.
Part of rooting was installing a custom recovery. This recovery lets you make full backups of the phone. This means if anything goes wrong, or if you go tinkering with the wrong things, you can restore the backup and its like nothing every happened. Your tablet is in the exact configuration as it was the moment the backup was made. This is one of the most powerful options a root user has
You have more troubleshooting options as a root user as well