I use the previous version, before it got the razer branding.
I dont use any of the extra features, just the boosting.
All it does it stop lots of services and then re-start them when you exit the game.
I too thought "pointless bloatware" until I tried it.
Planetside 2 is a good game to try it with, and the only game I regulary use it with. It will not increase your maximum FPS, but it certainly increases your minimum fps. This could be becuase its a beta/crappy engine though.
Yes, the Razer branding has added lots of pointles features and some spyware type functionality. I believe you even have to create an acount and be conneced to te internet for it to work.