Voicemail routing can take multiple forms, but they're basically rules you can apply to incoming calls that will automatically route them to voicemail without even causing a ring. For example, if calls come in with Caller ID blocked, those can be routed directly to voicemail. Or if you're simply not into talking to anyone, you can hang out a digital Do Not Disturb sign and route all calls to voicemail, perhaps until you're feeling more social or every day between the hours of 9 PM and 7 AM.
From an end user point of view, the actual phone service works in the same way, you pick up the phone to answer a call or to dial a number just like with a landline service. Number porting means you can keep your existing phone number and simply switch it over to your new service provider. The residential VoIP providers take care of the call routing and you can call any destination and receive calls from anyone, just like with regular home phone service.