You'd like an summary of what the import tag does? Do you mean the ActionScript 3.0 import directive?
i.e
import com.utils.ExtendedMath;
This is required to make externally defined packages and classes available to the code in this class. After using the import directive, you can reference the class just by it's name, omitting the full package path.
So without the import directive, each time you declare a Sprite you'd have to do this:
var mySprite1:flash.display.Sprite = new flash.display.Sprite();
var mySprite2:flash.display.Sprite = new flash.display.Sprite();
Whereas using the import directive, you can simply use:
import flash.display.Sprite;
var mySprite1:Sprite = new Sprite();
var mySprite2:Sprite = new Sprite();
More here:
http://livedocs.adobe.com/flex/2/langref/statements.html#import