I have heard many theories about what Rodeo does. I tested two Lyudmila-Ds for recoil pattern. One has Rodeo the other does not. All other stats are identical. The four bullet bursts are very good for this kind of test. Here's what I found. Without Rodeo the for bullets of each burst have a small amount random component to their recoil. The general angle and magnitude of the recoil are the same for both guns but with Rodeo the shots are in a much straighter line along that general path. In other words much more confident and easier to control the recoil.
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It's smart drift control without being a muzzle... You only had to ask, man