from :
http://www.osmun.com/services/tptserv.htm
Venting the valve allows the pressure in the closed slide to equalize so that, when you press the valve, you don't get a puff of air that may upset the embouchure. Third valves are normally vented. We don't recommend venting first valves since, without the suction of the valve to hold the slide in place, they usually end up on the floor.