Daily intake of Vitamin E has several health benefits most of which are related to its antioxidant effect. Antioxidants fight something called free radicals, these have been associated with certain types of cancers. Vitamin E is also beneficial to the skin helping repair epidermal skin cells and helps to prevent skin cancers. It is also known to have cardiovascular benefits, it aids in the development of red blood cells..
Vitamin E is a fat soluble vitamin, as such it is stored in adipose tissue of the body. Because it is stored, high doses are not recommended and may lead to hypervitaminosis. Toxic effects of Vitamin E consumption have a range of symptoms that generally affect the GI tract and cause abdominal symptoms.
Always consult with your physician before beginning any supplement therapy.
Of course one of the important things to remember is that reductionist food science is not actually all that effective at figuring out what a particular nutrient does or the effectiveness of taking it on its own, so all of these are claims with very little solid evidence to back them up.
In particular when it comes to Vitamin E, the exact role in plays in various processes is unkown though it is believed to be an anti-oxidant and helps to protect cells from various free-radicals. There are no specific links between taking vitamin E and increased health or non-occurrence of certain diseases, etc.
Apparently at least one study linked continuous intake of a vitamin E supplement with increased risk of death, so there are possible negative effects but again the exact problems are unkown.