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Wife has one in her BMW, and it's basically good for nothing. She has a small travel size pack of tissues in there......that's it. Also, it will stretch out and look like crap in a very short while. Outside of that, it's a GREAT feature, an upgrade definatly worth the $$$.
Miss Susan (aka Weasel Wench) has them in her R56, I use it to hold my wallet, keys, and phone when I ride with her. I hate having things in my pockets.
I haven't used mine yet, but I guess it could be used for just about any small, thin item, including papers, receipts, sun glasses, cloth, etc. I just haven't found a real need yet.