So what does this really mean? How does it help my sound? Isn't a compressor good enough? (i know a compressor is used to even out the volumes of your playing, but I guess it should be able to provide a more steady signal as well right?)
Different process, different purpose. A compressor alters your dynamics, which can be looked at as regulating the size of the voltage range of your signal, as well as what percentage of your signal stays within a specific voltage range.
But in order for that voltage to get where it's going without dissipating or changing much, it has to be able to transfer very efficiently from one device to the next. Impedance is a way of discussing that efficiency. Every device (bass, pedal, amp) has an input impedance and/or an output impedance. By itself that measurement doesn't mean much, but when you connect two devices you create a circuit, and their impedances have to be optimal
for each other in order to get the best, most efficient transfer of signal.
So what a buffer does is takes a signal with a relatively high output impedance, and converts it into a low output impedance. With most audio gear that will allow the signal to transfer much more efficiently.
A buffer is
not necessarily a gain boost, although it can also be designed for that. (By gain I mean voltage gain- there's a TB'er who is annoyingly hung up on that little detail, so this disclaimer is for him.

)
So a buffer can be good for your signal if you have a passive bass (high output impedance) and are using a fairly long instrument cable; with an active bass (which always contains a buffer already) or a shorter cable, there may be no benefit.
If you are using pedals though, each of them has impedance in and out as well, so it is
possible that some older or weirder pedals may benefit from another buffer. Also many, many pedals contain a buffer already, built into their footswitch. But that brings up the fact that buffers can be badly designed sometimes, causing more harm than good! That's why some pedals are blamed for "tone suck" when bypassed. So it's important how the buffer was designed.
Again a buffer
can be designed to boost gain as well, so that may be helpful sometimes. When splitting or mixing a signal, connecting the chains passively can cause signal loss or other issues, partly due to changing their impedance relationships; a buffer
dramatically improves the quality of mixers and can also benefit splitters.