You can cast many spells without needing to utilize minor material components.
Benefit: You can cast any spell with a material component costing 1 gp or less without needing that component. The casting of the spell still provokes attacks of opportunity as normal. If the spell requires a material component that costs more than 1 gp, you must have the material component on hand to cast the spell, as normal.
Endzeitgeist Says: This feat is either awesome or useless. Talk to your GM - If he wants spellcasters to track their bat guano and similar material components, then this is superb. If not and components are handwaved in your game, this is useless and a pass.