Since you're working with regular expressions where your search query contains a slash, unSpawn changed to using a pipe symbol (|) as the delimiter character in sed, instead of using slashes. This makes the regex simpler, because you don't have to escape the slashes in your search/replacement text.
The 'g' makes sed continue processing the input even after it has made a replacement (to see if there is more to replace), rather than quitting after one replacement. Try doing multiple replacements on a single line, and see the difference with and without the 'g' on the end:
Code:
root@reactor: echo "one one one" | sed 's/one/two/'
two one one
root@reactor: echo "one one one" | sed 's/one/two/g'
two two two
root@reactor: