It syncs the CPU cores to the freq of the DRAM and should increase overall performance a bit, for most folks XMP makes it easy to set the DRAM to it's specs easily, it only w/ DRAM 1600 and up (came out when Intels CPUs were native to 1333 DRAM. So, yes, if not enabled and not to spec XMP is the easiest way to go.
I basically build higher end systems for gamers, businesses and individuals that use and push their systems, I myself am not a gamer, but I most definitely push my rigs, while not the norm, I often have in excess of 20+GB of DRAM in use, so I max my rigs out. On my SB, the 2500K, 2133/9 was the top it could run, to hit 2400 with it I had to drop the CAS to CL11, and performance was a little less than the 2133/9 sticks. Same w/ IB, but I got a good 3570K and it handles the 2400/10 just fine, to push it to 2600 or 2666 I had to go to a 12CL and raise voltages (to much to my liking)...but I'm quite happy with the 2400 sticks, I get people all the time (mainly new clients) that tell me how they have read that you see no gain above 1600, so I put them on one of my rigs and we open a few browser windows, Word, maybe a VM or 2, some other apps and I let them play around for awhile, then we shut down, I'll put 1600 or 1866 in and have them do the same basic things...almost never fails they ask if somethings wrong with the computer and I tell 'em, That's 1600 or 1866 DRAM or whatever I put in....Even when they don't ask I often run blind test and have folks use a system and then tell them I'm making a few tweaks, have them do it again and about 85% of the time when done, I ask which way was better/faster, they all will pick the one with faster sticks,,,,so what's that lady say in the commercial "they can't put anything on the internet that isn't true"
I see articles all the time with the 1600 is just as good as any other, all the time, but they are running BMs and not real world scenarios, further if you read them closely you can find all kinds of faults, problems, and just plain things that aren't true, much of which is because they don't know DRAM , so they don't know what they are doing. I've seen a few 'experts' criticize sets of DRAM saying that XMP from the sticks didn't load the correct timings - well duh! the sticks aren't magicians, they have data stored in the SPD of the module taht contains the proper settings for the set of DRAM, it's up to the mobo BIOS to take that data and implement it, it can only do so as close as it can based on how it's programmed - similar to giving a chef a recipe and saying make this, he can only do as much as he can with the ingredients on hand - may not be sweet enough if he/she didn't have enough sugar.
Anyway, if I left anything out, give me holler, I try and provide the best response I can