1. The Entity API module provides an unified way to work with entities and their properties in Drupal. It extends Drupal core's entity system.
2. The module defines common entity functions like entity_create(), entity_delete(), and entity_save(). It also provides entity metadata wrappers which provide a standardized way to access entity properties and values.
3. Entity metadata wrappers make code more readable, prevent issues from language-dependent lookups, and automatically load related entities through chaining. Getters, setters, and multilingual support are also available through wrappers.