Removes all prepreqs for all technologies. However, progressive technologies such as Inserter Capacity remain sequential.
Keep in mind that the main way this affects balance is that you're able to research things such as Mining Productivity a bit sooner than usual. Most other tech still depends on the prereq technologies because of the intermediate items they require to craft. There are several exceptions to this, but overall I feel like this is the way the game should be played, giving the player more flexibility with their tech tree without hurting the overall balance of the game. However, it does make it a bit more difficult for newer players to identify the specific technologies they need to craft a given item.
The main benefit of not having prerequisites is the possibility for multiple forces to research different technologies and then use trading to get intermediate items.