#define SOME_VALUE 1234
It is preprocessor directive. It means, that before your code is compiled, all occurrences of SOME_VALUE will be replaced by 1234. Alternative to this would be
const int kSomeValue = 1234;
For discussion about advantages of one or the other see
#define vs const in Objective-C
As for brackets - in more complex cases they are necessary exactly because preprocessor makes copy-paste with #define. Consider this example:
#define BIRTH_YEAR 1990
#define CURRENT_YEAR 2015
#define AGE CURRENT_YEAR - BIRTH_YEAR
...
// later in the code
int ageInMonths = AGE * 12;
Here one might expect that ageInMonths = 25 * 12, but instead it is computed as ageInMonths = 2015 - 1990 * 12 = 2015 - (1990 * 12). That is why correct definition of AGE should have been
#define AGE (CURRENT_YEAR - BIRTH_YEAR)
As for naming conventions, AFAIK for #define constants capital cases with underscores are used, and for const constants camel names with leading k are used.