Treatments bring the mood boards and wire frames together to give an idea of what the website, application or other product should eventually look and feel like. Early on they allow for a creative space for experimentation, providing the designer with an opportunity to explore different solutions. In my view a designer will throw away about 80% of what they produce and I see this as the necessary by-product of creating a great design.
Treatments can and should evolve within the life cycle of a project taking on new requirements and changes, as a better understanding of what is needed is arrived at. Front end developers and testers can use the treatments once signed off to ensure that the product looks like what the client is expecting.
Treatments should be highly finished, giving the client a good feeling and the confidence that you are going to produce something that they are going to want to show off.