The BOV get rid of excess boost, correct.
There are two components that get rid of the excess boost in a turbo system.
1 Wastegate. This is loacated on the exhaust housing side of the turbo. Basically, once max boost pressure setting is reached, this opens up, allowing exhaust gas to flow straight out of the exhaust, rather then through the turbo. This gives you your boost regulation. Without this, your turbo will keep boosting to who knows where, and probably self distruct.
2 BOV. This is located on the inlet piping. While the turbo is boosting, and the throttle is open, this valve stays shut. Close the throttle, and it will get rid of all the builtup pressure in the inlet path, so that it does not have to get forced back out of the turbo when the revs drop.
Air rushing back through the turbo leads to eventual damage from the added stress of rapid slowing down of the turbo blades and shuddering. Its also causes increased lag between gears as the turbo has slowed down.
With a bov, the turbo will basically keep on spinning in the correct direction, at high speed.
I hope that makes sense.. still half asleep.