If you use a carrier's backup service for your address/contact list, you can only use that with phones from that particular service. For example, you could transfer information from one AT&T Wireless phone to another AT&T phone, but you wouldn't be able to move data from a AT&T phone to a Nextel phone. I've seen some third-party devices out there that will help you move contacts from one service to another, but I haven't seen backup service that will allows for this functionality without manual (hardware or PC software) intervention.
It can also do cool-in-theory but useless-in-practice things like use your phone as a remote control for your mouse or monitor the temperature of your phone battery (???). Oh, I think it'll fade the music and pop up caller ID on your computer if you get a call.
Main page: http://fma.sourceforge.net/index2.htm List of supported devices: http://fma.wiki.sourceforge.net/Supported+devices