Molly will decrease friction in your bore, thereby reducing pressure. You can USUALLY then increase your powder charge safely, and increase velocity as a result.
Now, once your bore is "seasoned" with moly, you will see a decrease in the amount of copper fouling in your bore. This will not increase your accuracy any, BUT it will increase the number of shots that you can take, while maintaining your accuracy. You won't have to clean as much in order to maintain decent accuracy.
The down side is that moly is EXTREEMLY tough to clean out of your bore. You can't switch back and forth between moly coated bullets and non coated bullets. If you go to non coated bullets you need to get all of the moly out, or you'll have moly trapped under copper. This will seriously degrade your accuracy. Some are even claiming that moly will attract moisture, and cause corrosion in your bore.
I tried the moly coated bullets in my H&R Ultra in .223. I eventually cleaned the bore up really good, and went back to uncoated bullets. Didn't really see that much of an advantage to moly bullets.
Hope this helps.