I bought a set of Gator Mulching blades for my Craftsman 50". The research I did was that the blades do make a difference, that the mulching kit is mostly not necessary (Mulching kit just prevents stuff from being ejected out the chute, but if your blades are designed to mulch, the benefits are minimal from the kit). If you buy mulching blades you should sand / grind the paint off the cutting edges.
The theory as I understand it is that a normal blade has the upsweep at the tips. That sweep is to create vacuum that pulls grass up to cut, but also it creates a swirling pattern that pushes air out the chute.
Using a mulching blade, they have nicks cut into the upsweep, so the vaccuum is reduced a bit, but the swirling is greatly reduced. Grass is cut, and tossed around inside the machine and mulched.
A Mulching Kit is designed to keep the grass in the mower using a conventional blade.