CMS Made Simple Forums

I have no idea how this works and I can't find any documentation for it; the help links in the CMS go nowhere.

What value does this add to CMSMS, and how can I uninstall it as it's useless to me without help?

The events stuff is internal to CMS and used internally by modules like Search, and News, etc. 
It basically allows user defined tags, or other modules to handle events triggered by other modules.

I.e.: News sends an event when a new article is added, and it is possible to trap that with a UDT, or another module without having to modify the news code.

Essentially, all you do is write a UDT, then go into the events manager for the particular event that you want, and add that new UDT to the list of handlers.  It's as simple as that.