Nose-blow recovery is the simplest form of rocket recovery - basically you just build the rocket as you would normally, but no chute or streamer.
At ejection, the nose cone blows off and is attached by the shock cord. The rocket's drag is increased considerably, so instead of lawn darting nose first, it just kind of tumbles down.
However, it falls considerably faster than it would with a chute or streamer. If you are launching on a soft surface field with nice grass, most models can survive a nose-blow landing, although you better hope your fins are glued on pretty firmly. If you land on pavement or hard ground, you're probably gonna get dinged up.
For flying light rockets on breezy days on soft grassy fields, nose-blow recovery works pretty well. However, if your rocket is dark colored, it can be hard to find when it lands - a bright shiny chute or streamer helps in that department too.
Anyway, that's the lowdown.