I can give you the bottom line to this Topic, It does nothing.
[Blocked Image: http://i49.photobucket.com/albums/f264/omega322/Misc/example1.jpg]
In the above pic, When the compiler runs the vis leafs and comes to the corner, it sees the same thing, the compiler doesn't care what the shape of the block is, it only counts whats within the boarders of that block (Hence why when you compile and run around a map, if you no cliped outside the map, you don't see a hulking brush emitted from the wall.
BUT
Mitering your Corners does have one major Benefit. When your compiler compiles lighting, it bounces from the light source around itself to the nearby walls, it calculates which walls or faces are hit and saves the shadow/light data of each face.
[Blocked Image: http://i49.photobucket.com/albums/f264/omega322/Misc/example2.jpg]
So now, as seen above, when you don't Miter your corners, you end up with 3 separate faces being stored or "hit" by light, mitering however limits it to the two faces allowed! This may not seem like much, but, if you have a map with about.....125 corners (Which is really small TBH, you other Level designers can back me on that) that means your map is collecting light/shadow data on over 375 faces VS. Mitering, you'll only use 250. (Basically it will streamline your lighting/shadowing and make the overall file size smaller)