What are all the percent signs in LaTeX code?

[Steve Litt]

In this example from Herbert's myStyles.inc:

Preamble
  \usepackage{ntheorem}
  \newtheorem{example}{Example}
  \newcommand\myExample[1]{
     \begin{example}\begin{list}{}{% 
       \setlength{\rightmargin}{\leftmargin}% symmetric
       \setlength{\partopsep}{0cm}
       \item[]}
     #1 
     \end{list}
     \end{example}
     }
EndPreamble

What are the percent signs for? Also, what is the #1?

Thanks

Steve

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Steve Litt
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