Very useful, though it has been posted numerous times before.
I guess one of the cooler applications of this shape making method would be the ability to transform one shape into another very smoothly with a relatively small filesize (as opposed to an animated gif).
Costs nothing to change colors. This makes it great for iterating.
No bandwidth costs as CSS is rendered on the client.
Infinitely scalable in size. No rasterization.
Availability of other CSS functionality, like shadows, animation etc