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In SVM, there is a bias term. But looks to me there are very few discussions on the physical meanings of this term. Why should we have that? How does this term affect the model?

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This is a paper you probably should read:

Poggio, T., S. Mukherjee, R. Rifkin, A. Rakhlin and A. Verri. b, CBCL Paper #198/AI Memo #2001-011, Massachusetts Institute of Technology, Cambridge, MA, July 2001. (PostScript)

I rather doubt there is a paper with a shorter title!

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