To be fair, the LNAV+V is described in the "fine print" of the GNS-430 manual, and most instrument instructors will inform their students about how it works as well. In addition, the topic has been covered in the instrument rags as well. But if you trained IFR before WAAS, you would have to figure this out on your own or perhaps stumble across it during an IPC or in your subscription to IFR magazine or the like. It is important to know about if you fly IFR, as the vertical guidance coming alive is alluring, and is in my opinion potentially confusing. When I first got my GNS-430, I flew a bunch of LNAV+V approaches in my area in VFR conditions out of curiosity using the +V to see what it would do if you followed it down to the runway. Basically, it will take you right to the threshold--very impressive. HOWEVER, the +V knows nothing about terrain, so there are some places (Sidney being one) where following the +V advisory glideslope will take you straight into an intervening hillside. THIS is why you should be knowledgeable about the LNAV+V function, and of course why you should adhere to stepdown fix limitations and the DA.
Personally, I wish I could just disable the LNAV+V function. I don't mind "dive and drive."
Cheers, and be careful out there...