It is the most important piece of equipment in the marine aquarium.
It removes waste products that your filter cant get rid of, one drawback is that if you are feeding filter feeders it will also remove the microscopic food. 8)
Okay one of the properties of saltwater is that it bubbles when agitated unlike pure freshwater. A foam fractitioner (protein skimmer) pushes tank water through a column of rising bubbles, when the gunk in the water touches the surface of the bubbles it attaches itself. These bubbles rise out of the skimmer and collect in a collection cup. They are NOT neccessary, but are a good idea. I'd argue that the tank would be the most important piece of equipment in a marine set up