Okay, let me put this to rest once and for all. The hose attached to the valve cover is a crankcase breather. BUT it let's filtered air INTO the engine not out. The PCV valve uses vacuum to pull crankcase vapor into your engine to be burned, and the breather let's in more filtered air. When the PCV valve is 'closed' under high vacuum situations, it still let's some air in. The breather can also let high crankcase pressure out, but you shouldn't have high pressure in the crankcase unless you have a serious blow by problem.
Older engines had a small filter in the air filter housing that filtered air seperately from the intake air. These usually plugged up with oil when your engine had a few miles on it, or they got taken out. The reason the newer engines (last 15 years or so) have the breather hooked to the intake is because there is only the one filter to change and keeps dirt from being sucked into your engine through a dirty or missing breather filter. There is a oil seperator in your valve cover that keeps any engine oil from getting back into your intake tract also (ideally). If you ever start getting oil back into your intake it means one of three things. Your PCV is plugged, your rings are shot, or the oil seperator isn't allowing oil to drain back and is letting it back up into the intake.