I am no expert, but let me take a shot at the track bars...
The intention of the trackbars is to keep the lateral movement of the spring packs under check (so that they can move freely forward and backward as they compress, but they dont bend sideways). In the front, the trackbar also keeps the geometry of the steering, since, as the suspension compresses, the distance between the pitman arm and the steering linkage changes.
Speaking from personal experience, on a YJ, you can remove the rear trackbar with minimal side-effects. In fact, my RE lift kit instructed me to remove it, and to be honest, I have not felt ANY difference in handling.
In the front, the story is a bit different; if you remove it, as you slam on the brakes, the front will dip, and the steering geometry will change, causing the Jeep to turn. This is a result of the distance from the pitman arm to the steering linkage being reduced as the front of the Jeep dips, which in turn causes drag link to push the tire (and through the tie rod, the other tire as well) in one direction (cant remember which one). This means that when you hit a bump, the Jeep will try to turn as the suspension compreses and then correct to the opposite side as it bounces up.
(If I am mistaken in my explanation, someone please let me know!).