Well, it's a very simple and very cheap timing circuit that can be adapted for a lot of potential uses, there are entire books written about it. It can be used for a simple low-speed clock for other clocked digital circuits, LED flashers, tone generators, it can be a non-retriggerable one-shot, which means after some event happens it sends out a pulse of a certain length, this can be used for timing actions, and it can be bi-stable too, though this has always seemed less useful to me.
Looks like some good free information here:
http://www.555-timer-circuits.com/Forrest Mims wrote an entire mini-book on this subject:
http://www.amazon.com/Timer-Amp-Optoelectronic-Circuits-Projects/dp/0945053290