If you have to ask then you probably don't want them. The short of it is when you enter a satellite in one of their WSOP events and unregister from the event you win a seat to you get credited with W$ that can only be used in satellites for the WSOP games they have there. Later in the year (September I believe) they have the WCOOP that W$ can also be used for.
The low buy-in satellites are actually easy to cash in and thus I have W$ I will not be using since I have no intention on winning a seat in the WSOP main event (a guy has to know his limitations). But they are easy money if you can sell the W$ for tournament dollars or cash.
Penguinfa
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