I have no idea what the exact chemical/scientific reasoning and associated lingo should be used to explain the phenomenon, so my apologies for wasting your time if that's all you're looking for, but I do have personal experience with it that I could share. It was a recent development in my running life, and I haven't really ever talked or written about it like this, so my apologies for rambling here, but here goes...
I was a 15:30 guy. I used to hammer weeks upon weeks of 60-70 mpw, with easy runs ranging in the 6:20s - 6:45s, 1-2 solid workouts/week, 1 long run (which was usually some kind of progression), and then 1 or 2 full days off. Pretty standard stuff. I'd have the occasional month or two of success, but I would also fall into a lot of ruts and feel burned out. I'd hit the occasional PR, but then have long strings of unsuccessful, bonked races. My long distance PRs capped at a 1:11:30 half, and 2:33:30 full.
I'd always read and hear about people hyping up the importance of easy running, but I never bought into it. I felt fine running my easy days in the mid-6 pace range, and I didn't believe that if I slowed things down to the mid-to-high 7's that I would actually be gaining anything. I would take full days off on the days following races or hard workouts as opposed to running an easy run in the high-7s or 8:00 range, because I didn't think those would have any actual benefit, and they would just be a waste of time. I was wrong.
After a particularly long rut and string of bad races, I took a couple of weeks off, took a look at my past training, and re-evaluated what I was doing. I had a bit of an inspiration after I was smoked in a 5k by someone whom I used to completely own in college. I was shooting to run 5-flats for a 15:30ish, but ended up blowing up and running 16:10. My buddy held on and ran in the 15:20s. Post-race: we're cooling down together and discussing training. My buddy tells me that he hasn't even been doing any serious workouts in the past month. It was summer, and he was just pounding base mileage. He said that he had been logging 100-120 mile weeks, with the occasional fartlek or unplanned progression when he was feeling fresh. I asked how he wasn't feeling burned out from that. He told me that he'd been doubling almost every day, and was running everything in the high-7s range, because he knew he'd have to get back out there later that night or early the next morning and do it all over again. On days when he was feeling it, he'd throw in an impromptu fartlek or tempo workout, but other than that, nothing serious. He said he's never felt better.
So that's what I did. I steadily increased my mileage from 70mpw to 110mpw, and then held it there. I'd double most days of the week (early before work and immediately following work), and then on slow days at the office, I'd even throw in an occasional easy 30-45 mins on the treadmill in our office gym (8-8.5 mph at 1.5-2% incline). I would do 2 workouts per week, but they were VERY simple and easy compared to what I used to do. Tuesdays were short and fast reps on the track or over hills with long recoveries. Thursdays were 4-6 mile tempos - usually no faster than 5:30 pace. My long runs were 18-24 miles at an easy pace (6:50-7:10), with the occasional (usually once per month) long run where I was feeling good in the back half and threw in a progression for the last 30-45 mins. So, with the exception of the short rep and tempo workouts, everything I was doing was 6:50s - 7:45/mile pace. I felt "worked" at the end of every week, but I never felt "burned out" like I used to. I was a lot more hungry all the time, and I did have to eat a lot more, but overall, it was a good feeling, and I felt MUCH better than I did when I was going 70mpw with everything in the low-to-mid 6's.
First big race after this new style of training that I had taken on was a marathon. I had no goals, because this whole training block was like an experiment for me. I had done no particular workout or tune-up race to indicate fitness, but I knew that I felt better than I had ever felt before. I decided to go out on pace to run a PR (sub-2:33). I was running 5:45s in a pack of about 5 guys . We hit a long and gradual uphill just before the halfway point. Nearing the crest of the hill, I had an epiphany. I could clearly hear the guys around me struggling with their breathing. They were huffing and puffing and really working the hill. I felt 100% fine. I felt like I could close my mouth and breath through my nose if I wanted to. I felt like I was on a stroll through a park with my dog. It was so easy. I realized at that exact moment why high and slow mileage was one of the keys to success. I had turned into an aerobic monster. My heart was considerably stronger than it had ever been before, and it was so obvious to me now. I took a really deep and slow breath, and then let loose. I tore up the second half, running 1:15:15-1:11:10 negative splits for a 2:26:25 marathon PR (and half marathon PR in the second half). Not only did I have the race of my life, but post-race was the best I've ever felt after a marathon. I took a day or two off following the race, but I felt like I could jump right back into training again if I wanted to. It was the shortest recovery I'd ever taken following a marathon.
Since that marathon and the addition of more intensity in my workouts, I have lowered my PRs in everything from the 3K to the Marathon, and I'm closing in on the trials standard (fingers crossed to hit it this fall)...
THAT is what all those 7:30 miles are for. Aerobic strength. Laying a base and developing strength, while preventing yourself from burning out. I rarely take full days off now, because I see the importance of logging high mileage. It keeps the heart pumping. 7:30 miles are not fast enough to tax your leg muscles, but they are just quick enough to get your blood flowing and to slightly raise your heart rate. This keeps the heart working and, after months of consistency, turns it into a well-oiled machine. The heart is the most important muscle for a runner. It is the body's engine, and it's an engine that can be worked every day, and only requires easy running to do so.