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Performance
Analytics that tell us which pages are read and how people arrive, so we know what to write more of. We use Google Analytics for this. Decline and it still counts the visit, but without cookies and without anything that could identify you.
Functionality
Remembers preferences so the site behaves consistently between visits — things like dismissed notices and choices you have already made. Declining loses those conveniences; nothing else breaks.
Targeting or Advertising
Used to measure sponsorships and show relevant promotions. Labcritics does not sell your data, and sponsors never receive it. Declining means promotions are untargeted — you will see the same number of them.