Gypsum lowers the pH, and adds calcium and sulphates.
The pH and calcium have a noticeable affect during the mash, but can be ignored if you are doing an extract brew where the mash has been done for you.
Sulphates affect the flavors extracted from the hops, and apply to AG and extract brews.
http://www.howtobrew.com/section3/chapter15-4.html gives good information on the effects of various chemicals in brewing water.
If you just need the sulphates, Epsom Salts are much cheaper than Gypsum as you can get them in the local supermarket or drug store.
If you are trying to replicate Button on Trent water, you can't add excess Gypsum as the water will become saturated.
-a.