What is AssemblyInfo.cs used for?

AssemblyInfo.cs contains information about your assembly, like name,
description, version, etc. You can find more details about its content
reading the comments that are included in it.

If you delete it, your assembly will be compiled with no information,
i.e., in the Details tab of the file properties you will see no name,
no description, version 0.0.0.0, etc.

The value associated with assembly:Guid is the ID that will identify
the assembly if it will be exposed as a COM object. So, if your
assembly isn’t COM-exposed, you don’t need this. It is randomly
generate. In any case, normally, you don’t need to modify it.

Credits goes to : http://social.msdn.microsoft.com/Forums/en/csharpgeneral/thread/8955449f-71ac-448e-9ee6-5329fceecd3c

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