It is just a 'chamber' where the air pressure is stored, or regulated. The idea is that is supplies a constant pressure for an irregular demand, so that the delivery is a bit more even.
Some manufacturers use them on inlet piping purely because the pressure also works as a sound deadening - reducing inlet noise. (Y)
The pressure has to be at a positive amount in comparision to atmospheric pressure, its the same principle thats applied to hydraulic systems.