From my BYC Page:
"Function
Scientists suggest that a chicken's comb has two important functions. The primary function is to help keep a chicken cool in hot weather, as chickens can't pant like other animals (such as dogs) are able to do. Blood circulates in dense networks of tiny blood vessels and capillaries from the chicken's comb to its wattles. This gives the comb its deep red color and allows the blood to be cooled by the air before traveling to other parts of the bird's body.
The secondary function of the comb is to help a chicken attract a mate. A large, bright-colored comb is a sign of health and vitality. Often, in the pecking order of a flock, the bird with the biggest, brightest comb becomes the "alpha" rooster or hen. "Alpha" roosters are able to mate with all the hens in a flock, ensuring that strong, healthy genes pass on to the next generation. Scientists have studied the correlation between comb size and color and levels of testosterone in chickens. In a flock made up of hens alone, the "alpha" hen -- often the most aggressive -- may grow a larger, brighter comb and even begin to crow.
Comb color also indicates sexual maturity in chickens. People who raise chickens for eggs watch their pullets' developing combs. When the comb reaches a bright red or pink color, the pullet is probably ready to begin laying eggs."