All it does is burn your Pokemon. But it is good to use if your Pokemon knows the move facade because when for ex: uRsaring know facade and after the first turn it burns him then he uses facade for double power of 50 I think it was;)
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The flame orb applies burn to the Pokémon holding it. This is good for Pokémon with abilities like Guts or the move facade.
the red orb gives you the chance to catch groudon and the blue orb gives you the chance to catch kyorge.
Let Palkia hold the lustrous orb, and let Dialga hold the adament orb. It boosts their special moves' damage.
It is called the Griseous Orb.