+P refers to "stepped" rifing in the chamber where the bullet is guided into the rifling in a taper that reduces intial pressure spikes with max loads
pressures are reduced somewhat and more powder is added to bring pressures back up to max, which allows for higher velocities (the +P designation) than what you can get with standard chambers/throats where the bullet hits a wall of rifling that creates high pressures prematurely with certain bullets and powders
usually a 100-200 fps improvement is seen, depending on cartridge, bullet & powders used
I have tested several wildcats with standard vs +P chambers and have always seen an improvement in velocities with stellar accuracy
My 300 Long Range Hunter (300 LRH) wildcat based off the 300 Norma Mag is one that has shown a boost in velocity after rechambering with a +P reamer