It allows you to store, share, or broadcast notes or code. You can drag-and-drop files onto it. I took a lot from notepad.cc in the way it saves automatically to the server. Append '/extension' to your links to activate real-time syntax highlighting, currently supporting:
js, html, css, php, c, cpp, java, py, haskell, smalltalk, and stex (I should list that somewhere...)
Each file has a public link you can share from where the file cannot be edited.
Changes to the file can bee seen in really real time from either end of the (non-public) url.
And all with a really nice interface to boot!
Let me know what you think :)