When used in combat, it will either lower or increase the monster's Attack or Defense by about 17.
Using 100 of these makes you eligible for the Bringer of Storms trophy.
N (the amount of stat gain/loss) seems to range from 30-40.
The Meat gain/loss is apparently between 100 and 500.
Placing all your meat in your closet will protect you from meat loss, but the message still appears.
Using from inventory in Way of the Surprising Fist seems to always result in meat loss - never meat gain, stat gain or stat loss.
References
This item is a reference to the famous chaos theory concept known as "the butterfly effect," where small changes in variables can cause a great change in outcome (as in a butterfly flapping its wings affecting weather hundreds of miles away).
The comment about Jeff Goldblum references the film Jurassic Park, in which Jeff Goldblum plays scientist Ian Malcolm, who specializes in chaos theory.
