Your PCV system pulls a vacuum on your engine crankcase. It also pulls some fresh air in through the connection on the passenger side valve cover. (The hose usually connects near the throttle body. Some applications directly into the intake tube.) This air is calculated through the mass air flow sensor, which is used in figuring out your fuel mixture along with the O2 sensors.
If the o-ring on the oil filler cap, or the oil filter tube or the dipstick is not sealing, you have additional air entering the crankcase from the outside and not having been measured by the mass air flow sensor. It will give you a slightly lean condition, a change in the idle, etc. That's why you'll notice on a brand new engine, if you just lift up the dipstick an inch it's suddenly acts like a vacuum leak and the idle picks up a little bit.
Now in a high mileage engine with a lot of blow by past the rings, as well as past the valve guides and seals.... It can actually overcome the vacuum from the PCV system. Sometimes this results in idle issues, fouling spark plugs, and the ECM struggling to keep the mixture where it wants it. It also builds up a lot of sludge in the engine. On a well maintained LS engine, that can be at 300,000 plus miles. Eventually the catalytic converters get fouled from too much oil mist from the blow by being burned.
You'll be surprised how much those o-rings really smooth out an idle....