They are fairly simple. In the down position they act just like a K valve . In the up position they will cause the resistance to breathing to go up considerably at around 500psi (assuming it's working correctly). Before SPGs, you started with the valve in the Up position and dove until breathing resistance got high, at that point you knew you were at 500psi and it was time to go. You pulled a rod than moved the valve down and returned the breathing resistance to normal. I have one on an older tank and choose not to remove it. I just dive it in the down position- unless I am messing with a new buddie. Two things to keep in mind if you keep it. In the up position, it does add some resistance to air flow, you SPG will fluctuate as you breath. I have not found it to be noticable but it will scare the dickens out of your buddy to see your SPG needle moving up and down as you breath. The biggest problem is running into fill personal who don't understand them, you CAN NOT fill them with the valve in the up position. The tank will "fill" almost instantly and appear to be full to the fill station but you will know different when you put a SPG on it. If you understand them, I don't see any need to replace them unless they have failed. If you intend to use it as designed I would highly suggest you test it. A lot of people have removed some of the internals of the valve and rendered them nonfunctional (works fine as a K valve, the reserve fearure is defeated). No doubt opinions will vary. If you decide to get rid of them, let me know I could use a couple for some vintage gear.