Vacuum side of the PCV system: upper part of the crankcase > PCV valve > air / oil separator > intake vacuum source.
Filtered air side of the PCV system: upper part of the crankcase > filter > atmosphere
The upper part of the crankcase could be the intake manifold valley or valve cover. The Buick V6 has its PCV valve in the intake manifold valley.
OEMs usually shield the bottom of the PCV valve so oil does not splash on it. They also draw air into the crankcase from the filtered side of the air cleaner.
Edward Obert's book,
Internal Combustion Engines, states that burning lubricants with the air / fuel mixture can increase deposit formation in the combustion chamber. Also, rich mixtures increase deposits left after combustion. Deposits can glow during combustion and sometimes encourage detonation. Not sure about this, but maybe alcohol reduces deposits?
The oil fumes don't need to be in the combustion chamber. Those fumes not being there takes away one more variable.
Higher end vehicles such as BMW have air / oil separators in the PCV system. Some BMWs return the separated oil to the pan.
Most of the aftermarket separators are drained before the oil level gets too high (rather than returning oil to the pan).
Here is a more expensive, probably well built air / oil separator:
http://www.moroso.com/catalog/categorydisplay.asp?catcode=18549
Here is a cheaper one:
http://prosportgauges.com/oil-catch-can-.aspx
This one probably returns the oil to the pan since there is no tank (but it is intended for a Subaru):
http://www.grimmspeed.com/catalog/product_info.php?cPath=91&products_id=191
I've seen separators intended for air compressor systems used as well. They are pretty inexpensive.
Paul Lohr