"The throttle body spacer causes the incoming air charge to tumble for better atomization of the mixture downstream in the combustion chamber." -
http://throttlebodyspacer.com/
" As the intake air passes through the spacer, the Helix bore creates a vortex action that improves atomization creating a more complete combustion and an efficiently burning engine. " -
http://www.airaid.com/
" causing the incoming air to tumble and rotate like a tornado. The resultant effect is the easy breaking up of the air stream, causing the droplets of fuel to atomize more thoroughly and creating a very fine air-fuel mixture." -
http://pr-gb.com
Ok i got bored after five minutes of google-ing.
The principle of vortex based throttle body spacers are to increase turbulance thus mixing atomized fuel more completely.
I AM NOT familiar with any other kind of throttle body and what their purpose may be.
EDIT: Ok so i decided to google phenolic spacers. Looks to me like they are only designed for throttle body injection, and carburetors. Those are 2 devices were fuel is meeterd in the TBI/carb itself. The idea was to prevent heat transfer to the TBI/Carb, not keep heat away from the manifold (as you posted). Further more, they are more commonly refered to as "insulators", and i don't see them available for any more current, direct injection fuel systems.
Modified by shift_mikey at 4:18 AM 10/18/2007