Listen to paul, all this talk about vacuums and cushions of air is complete nonsense. In artillery no vacuum is created before the powder is fired, the air in front of the shell and behind the shell should be at an equal pressure. The gunpowder being ignited increases temperature which increases the volume and pressure of the air behind the shell propelling the shell forward though the barrel. Does anyone know what a flash-suppressor is? Well its that weird looking piece at the end of the barrel with slots in the sides. This decreases the flare like flash of the bullet shooting out of the barrel. Porting works in a similar manner to simply make the paintball gun shoot quieter.
Second, spin. Putting spin on a paintball makes no sense in a purely physics sense. A paintball as you all may know is not very solid, and its shell has been shown to distort and change shape a bit when propelled out of a marker. Imagine in baseball, when a pitcher throws the ball with a curve, the aerodynamics of the ball are not at optimum to stay in line, but to curve. This is why the flatline barrel shoots paintballs at such a weird trajectory due to the back spin. The porting on say a freak barrel system will not alter the spin of the paintball in a noticible way so the porting does nothing for spin.
Third, air escaping in a controlled manner. There is some truth to this statement, but the air moving in front of the paintball is not significant, in fact the distortions on the paintball due to the air in front of the paintball travelling down the barrel, and the distortions caused by the paintball moving though the air are about the same, so the porting doesnt have a significant effect on the trajectory.
All in all, paul is correct, the porting does nothing but quiet the shot.