$_ in a command gets substituted by the last argument of the last command you typed - happens to be useful surprisingly often. Simple example: copy a file to some other directory, then cd or pushd to that directory:
$ cp some_file /long/path/to/directory
# cd $_
But there are many other cases where I regularly find it useful.
_ also evaluates to result of the last expression in the Python interactive shell, and probably in IPython (command-line version) as well - need to confirm it about IPython.
Edited for formatting of commands above.