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No, syncs happen automatically one minute after you make a change, and every hour thereafter (and also when you launch the application). The sync button is there to allow you to force a sync to happen immediately, for example if you think that another client has made a change which has been synced to MobileMe, and you want to make sure that the computer you are using has all of the changes. Or perhaps you had a connectivity problem that prevented the last automatic sync from happening, and you think that you have addressed the issue and want to try again.

As for altering the sync timers, Ken's post earlier in this thread tells you what you need to know.