Emission angle is the angle that particles are emitted at. Using it with Emission Range lets you fire the particles out at a specific angle.
The Angle graph rotates the entire emitter. It doesn't really do anything to a point emitter, but if you change it on a line, area or circle emitter, it will rotate the emitter around its center point (or in the case of a line emitter, around the little grey reference point).
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Elvis Deane!
The particleIllusion FAQ
particleIllusion Resources and tutorial CD
Astounding Adventures