Simply restores the Bags of Holding to their former glory, giving each 100 carryweight. Because I don't know about you, but only 25 cw for such a rare and valuable magical item is just plain ridiculous.
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Restores Bags of Holding carry weight bonus to 100 each, like in older versions of Requiem. Because 25 extra cw for such rare, unique and valuable items is horseshit. Especially if you're a roleplayer, like me, and will only be able to get 1 or 2 bags maximum per playthrough.
I also hate having to micromanage my inventory for a whole playthrough because I like playing at 50% to 75% exp rates and it just gets too tedious after a while and kills the pace of the game.
If you want to install/uninstall this on an existing savegame, you have to remove and add yourself this perk through console : xx078AA9 (xx= the first 2 digits and/or letters of Requiem.esp Mod Index in your load order, which you can find in your mod manager or xEdit) For example : open console, type "player.removeperk 9E078AA9", close console, open console, type : "player.addperk 9E078AA9", done.
Feel free to backport to LE, I don't know if it really works or not, some say it does, some say it doesn't, personally I don't have the game installed anymore so I'm not gonna do it.