Plain and simple: allows you to perform critical hits outside of V.A.T.S. depending on your luck stat.
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Changelogs
Version 1.0.0
Increased the maximum amount of LUCK to 20, among with a diminishing-returns effect which progressively flattens the curve.
Fixed the issue with the perk granting no critical hits at 8 LUCK
Added a version which only grants 1 % chance per LUCK (and lower chances at 10+ LUCK to match the standard version)
Flagged both versions as esl files to free up the mod slot
Not much to say about this little one really. Once installed you'll get a notification that you just got another perk added. What this little perk does? Well, it grants you a chance for a critical hit even when not using V.A.T.S. depending on your luck stat. And since it works similarly to Overdrive, it can actually stack with the chem - not to mention with all the funny effects which occur on a critical hit. Each stat in luck grants you a chance of 2 % for a critical hit until you reach 10 luck. At 11 to 15 luck you will only gain 1 extra percent, and another for 16or 17, 18 or 19, and finally cap out at 28 % with 20 luck and more.
So if you're a chem junkie you can push that value up to 53 % now - not bad if you have something that spits out bullets as there was no tomorrow or you can go stabby-stabby all close-up and personal. :)
The Light version cuts these values in half and will make you cap out at 14 % for 20+ luck.