Among other things it allows you to position the whole sail upor down on the mast. As I understand the thinking, higher gets it up into stronger cleaner air but at the expense of greater heel. Lower is less heel, more head banging. The Cunningham is a cringle silghtly up from the tack of the sail. Invented by Briggs Cunningham of 1950's sports car racing and Americas cup fame. In racing your sails are limited to a certain set of dimensions which, if your mast has them, are marked by black bands. To change the draft without exceeding the size limit you haul down on the Cunningham.
On my 1983 H 33 with Kenyon mast I settled on a position for the boom, locked it in place with the pin on the gooseneck slider car, and cut off the excess track above that point. This allows the sail slugs to drop down further during reefing.