Been doing some reading on these for you :
A critical part in any converter is the sprag, or even the lack of one in a spragless converter. The sprag holds the stator in place as the converter multiplies torque. This happens as the converter turbine (finned housing splined to the input shaft in front of the stator) gains rpm and catches up to near the speed of the converter impeller/pump (shell of the converter and fins attached to the rear half of the housing, behind the stator). Once the speeds near equalization, the fluid flow path actually changes inside the converter, and the sprag now allows the stator to freewheel with the fluid flow. In a spragless converter, the stator is always held in place, and its slight restriction to the fluid flow path change will cause a bit more heat to be generated, and thus a less efficient converter (as compared to the same converter but with a sprag).
Hope that helps!