Reeds are little "petals" (valves) that allow the air/oil/gas from the carbs to enter the crankcase and prevent them from escaping back through the carbs - so a one way valve.
When the piston of any given cylinder it traveling toward the top of the head, a vacuum is created in the lower crankcase for that cylinder. Since the simple air pressure in the throat of the carb is greater, the "reed" opens (inward) and the air/gas/oil is (sucked) through. As the piston starts moving downward it compresses the mixture in the crankcase, forcing the reed petal "closed" - when the piston crown gets below the intake transfer port the compressed mixture is forced into the cylinder.
Each cylinder has its own set of reeds. They are metal but they are pretty thin (think of the reed on a musical wind instrument)
On your model they are in a donut shaped cage. There are 3 cages (located between each pair of cylinders), and each cage has (I believe) 5 petals per cylinder (so each cage has two sets of 5 reeds - the 5 reeds are considered one unit).
They can get chipped or broken if debris is sucked through a carb, gets stuck between the reed and the cage and then when crankcase pressure tries to close the reed something has to "give", and it's almost always the reed that loses the battle if the debris is "hard".
If one or more of the petals gets chipped/broken/cracked, when the crankcase "pressurizes" it blows all your gas/oil/air back through the throat of the carb - also, because now the crankcase ISN'T "sealed" the exhaust, which takes "the easy way out" also pukes back through the intake (as well as out through the exhaust port) into the crankcase and out the carb throat (backfire).