Thx for the help, Kat.
I took a look at there website from the link you provided, but it wasnt very helpful, so I checked the box and gave them a call a few minutes ago and they were quite helpful and were able to explain it to me. I also told them what subs I had, and they told me where to set it to start (approx 1/4 - 1/2 turn) , and then I can make small adjustments from there.
Basically exactly as you said, in my configuration it controls how much bass the amp puts out. According to the tech guy at MTX that I spoke with, If I ran the gain to the max all the time, I would definitly blow the subs I have after a while, as the "performance certificate" that came with the amp shows it to be putting out quite a bit more than advertised! Also, if I keep the gain turned down a bit, it will also keep the amp running cooler which will avoid cutting out due to high heat.
So, to summarize, im shaking with anticipation

As soon as I finish class for the day, ill be heading home, then out to the car to install it, and if all goes well, I should have a big grin on my face