Maintenance scripts are a Unix thing and used to be called cron, too much detail to go into here but there are daily, weekly and monthly scripts set to run at specific times automatically but this only happens if you leave your Mac on all the time and never put it to sleep or restart. So third party software is usually used to make sure they get done. In Cocktail you can set it to do it at a specific times.
Deleting caches can be one of the most important maintenance things you can do and would more properly be called a repair. Caches are little bits of information stored by the operating system, and for each individual program, of things you do often, this makes everything run faster, but because they are constantly being written and read they are very vulnerable to corruption. Once corrupted they can cause all kinds of weird problems. If your system starts slowing down or doing odd things, or your disk says it's suddenly full and you know you should have more disk space, delete caches through Cocktail first.
For more info check at the X Labs web site for Dr. Smoke's free FAQS:
http://www.thexlab.com/faqs/maintainingmacosx.html
http://www.thexlab.com/faqs/maintscripts.html