It's a per-IP load balancing infrastructure, or said in other words: DNS load balancing. There is no port managing
You create the infrastructure in your manager with the servers you want to and you install OcO (
http://help.ovh.com/Oco) so the manager can keep track of what's servers are up and available for the load balancing system to use it.
After that, you do have to install the IP in the servers, so yes, if yuo have iptables configured in each servers, you should use rules with destination equal to your IP load balancing.
Hope this helps