What is backpressure?
Backpressure is exhaust gasses backing up in the combustion chambers/primary piping due to poor flow caused by some type of restriction in the system. This can be due to poor design, bent pipes, system too small, junk in the system.
Do I need/want backpressure?
No. The less the better. However, you can't get rid of all backpressure. You will have some, but you want to be able to manage what you have.
Will my valves burn without backpressure?
It depends on your fuel mixture. In earlier days with carburetors, changes in the exhaust system would change total system flow(as it does in all systems) from intake to exhaust. A jetting combination that works for one system, could become lean if the exhaust was changed allowing for greater flow thru the system. The leaning out of the system caused combustion chamber temps to rise, and the material makeup of the valves at the time could not handle the increased temps.
Modern engines with EFI, and better valve material adapt much better to these changes. If the flow is increased, and the system leans out, the O2 sensors will note this change and adjust fuel flow accordingly preventing high combustion chamber temps and no damage will occur. Modern engines are "lean burn" engines anyway, and the fuel mixture is more closely monitored.
Will no backpressure kill my bottom end power?
Backpressure takes away power in all ranges. When the exhaust system is changed, and some low end power loss is noted, it is not due to backpressure, but the loss of exhaust system velocity(the speed of the gasses flowing thru the system). This happens when larger piping is installed in the system. It really doesn't cause a "loss" of power, it just moves the power up higher in the rpm band. Reverting to a smaller pipe would then lower the power band.
The exhaust system is very complex, and all physics involved cannot be discussed on a forum such as this. I just tried to cover some of the points more often discussed.

shady