The time required for you to reload a crossbow is reduced to a free action (for a hand or light crossbow) or a move action (for a heavy crossbow). Reloading a crossbow still provokes an attack of opportunity. You may fire a light crossbow or a hand crossbow as many times in a full attack action as you could attack if you were using a bow.
A character without this feat needs a move action to reload a hand or light crossbow, or a full-round action to reload a heavy crossbow.