Looking at where the hoses are attached to the intake system will help answer the question.
The hose with the PCV valve is downstream of the throttle body so it has relatively high manifold vacuum in it. The blow-by gasses, water vapor, etc. are drawn from the crankcase into the intake system through this line and metered by the PCV valve.
The other hose is between the throttle body and the air filter, so this hose has clean, filtered air at just slightly below atmospheric pressure in it. This hose supplies clean make-up air for the crankcase. If you didn't have this hose, the crankcase would end-up having almost the full vacuum of the intake system in it. This would be bad because the oil pan gasket, valve cover gaskets, oil seals, etc. are not designed to hold a relatively high vacuum like that.
The other hose also has a second function. When the engine is at full open throttle, the intake manifold vacuum drops to very low levels. Under these conditions, the flow through the PCV valve can stop. In this situation, the flow through the second hose reverses and the blow-by gasses, water vapor, etc. exit the crankcase via the second hose and are routed into the intake system.
[ February 05, 2003, 11:25 PM: Message edited by: Rick in PA ]