Hi Will,
lemmatize=True will turn on lemmatization, which is the process of replacing each word with its lemma = base form. For example, "model = models = modelling = modelled" etc.
Gensim use a 3rd party library called "pattern" for lemmatisation. There have been reports that "pattern" is broken on Python 3, so we may drop it altogether. If `lemmatize=False` works better for you, great.
HTH,
Radim