What does the Do Not Disturb setting for the iPhone 5 do?

Like what does it do specifically

Makes your calls and alarms be silent till a certain time

If its on it means that you won't get notifications. I use it when i go to sleep because if i turn it off, i won't wake up because of a text or a notification.

It silences calls, texts and notifications. I also have it on my 4s, as it's on the ios6 update. Comes in very useful.