My saturn has this, it is sometimes called a "degas bottle."
The bottom has a 3/4" hose that ties into the heater hose loop. The coolant in the loop moves quickly and mixes with the tank's stuff by "gurgling" past it.
Another hose, about 5/16", goes from the water outlet around the firewall to the surge tank. It holds, under normal conditions, pressurized air! (The bottle has a line where the engineers expect it to be half-full, and the hose comes in above this line.) This cleverly allows the cooling system to efficiently self-burp its air out. The hose is skinny on purpose to force 99% of the coolant from the water outlet to go through the radiator.
Oddly, I've had some serious air-locks at times where disconnecting this skinny hose has allowed it to release its air bubble, and a stream of coolant to follow. This theoretically shouldn't be any different than running without the cap.