My definition:
pearling is the visual result of photosynthesis. when plants perform photosynthesis their 'waste' product is oxygen. when plants perform photosynthesis at a fast rate they create large o2 bubbles (pearls) that form on their leaves and then float to the surface.
pearling (rapid photosynthesis) is a result of optimal co2 levels in the tank and lots of lighting.
because a plant is not pearling does not mean that it is not photosynthesizing.
pearling is not essential to a healthy/happy planted aquarium.