What does the N750 and N900 do specifically?

Well, first, these have nothing specifically to do with the WDTV Live players.  These are home network routers, and  acts like  any other wired/wireless router would, so I’m not sure what your are confused about since what they are is explained pretty much on the product page and being called a “router” should be farily self-expanatory.

Both the N700 & N900 have Gigabit ports to allow for faster network speeds. The N700 is a dual band wireless router that  has up to 300+450 Mbps wireless speeds and the N900 is a dual band wireless router that has up 450+450 Mbps wireless speeds.

The only difference is that there is also a N900 Central, which is a N900 with an internal HDD, so you can use it as a NAS.  The N900C also has the abiltiy to be accessed from anywhere via http/ftp or by enabling the Remote Access which uses WD2GO.