Your Edelbrock doesn't have a power valve but it does have metering rods and springs which provide a similar function. They are a means of adding additional fuel under high load or high power conditions.
With a Holley, which has a power valve, symptoms would be idle adjustment screws which don't seem to do anything, rich smelling exhaust, possibly fowling plugs, draining fuel bowls, as Ted said.
On an Edelbrock, I think that the failure mode would be simply that you don't have the power function because about the only thing that can fail is the spring and I've not yet heard of that happening. So that would mean lean under high load or wide open throttle.
You can download the owner's manual for your carburetor from Edelbrock's website. It is a must read, one of the best. It goes over theory in the first part and while it's specific to Edelbrock, it applies to any carburetor so long as you understand which components effectively perform the same functions.
Lawrenceville, GA