I'm really not an expert in this opening, but Bf5 is the only reasonable way to delay the e4 push, which is much better for white after playing Nf3 (so that e5 cannot be played).
In the second diagram (mainline), white attacks the b pawn and black doesn't really have a good way to defend. The goal isn't necessarily to get the pawn, but's it's usually an option. Also, later playing Nbd2 threatens a fork with e4. You might want to see this short article which has some example lines. http://main.uschess.org/content/view/8213/341/
In the last diagram black equalizes easily because he gets the pawn back and leaves white without castling rights.
Hope I helped.
Seen a few past posts on this opening in the forums, but didn't really get a lot of info from them. I know it's a weak opening for Black, but the problem is, I can't really understand the analysis of some of the subsequent lines. White is supposed to be able to maintain an advantage with 4.Nf3! Bf5 5.Qb3 (shown below), but I'm not too sure what are the lines of attack to use after that (for that matter, why is Black compelled to play 4. ...Bf5?). Could anyone help me out there by explaining the reasoning behind White's moves to me? Is the queen move to put pressure on the centre as well as the b-pawn? But a pawn grab with the queen seems rather risky though...
At the same time, I'm not too clear why 4.e4?! Nf6 5.Nc3 e5! 6.dxe5 Qxd1+ 7.Kxd1 Ng4! (shown below) is supposed to allow Black to equalize...I've tried playing against Rybka on my computer and it responds 8.Nh3 to defend the f3 square. If Black responds by taking the e5 pawn, White counterattacks via 10.Nb5 (edit: sorry, I meant 10.Nd5). Black can't copy White's defence with Na6 because White's f1 bishop is not blocked by the knight and can take the knight on the rook file, unlike the Black bishop. On the other hand, if Black uses the move after 8.Nh3 to defend the b5 square, White can defend the e5 pawn with 9.Bf4, leaving White a pawn up. So it seems White can still counter all of Black's responses in this line, despite the fact that it's supposed to let Black equalize.
Oh, and sometimes Rybka bypasses Nh3 entirely and responds with 8.Nb5 (edit: again, sorry, should be 8.Nd5) instead, leading to rook-king forks by both White and Black. After trading rooks the objective becomes to trap/rescue the knights in the corners...I'm having problems analyzing this line because of the many ways the bishops can give checks or rescue the knight along the open diagonals, depending on whether the kings move onto light squares or dark squares. As far as I can tell though Black seems to have the edge in this case, although it is a pawn down.