global.php controls the connecting to database, sessions, loads functions.php, sends any headers, prepares default templates, sends a cookie if there is a refer-id in url.
functions.php does alot, it contains functions that are re-used throughout the vBulletin code. BBCode parsing, update forum count, all thos get*info functions and more.
Some hacks are simplier to just modify functions.php than update all the other instances throughout the file. Such as the last title hack that i created, its simplier to update the last title when the updateforumcount function than try and code this into all the files it uses, mod controls, pruning and edit stuff.
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