It ups nearly all of the stats that are normally raised in battle. Firing, throwing, strength, TUs, stamina and health. Not to mention being able to attack from complete cover and through walls (to a certain extent). HE and Stun weapons can also be used the same way, just no arcing.
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Even with strength 75, a soldier can chuck High Explosives about 5 squares max.
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Not really...I've thrown over 20 tiles. Just get in a place with a clear ceiling and you should be able to get max range.
And while on the subject of HE. It does 4x damage to the large units. Not sure if it registers as 4 hits in your mission experience that is added up though...