They can come in pretty handy in emails too. Instead of pasting a lengthy and ugly URL into an email you can add a hyperlink to any part of your email text.
So, instead of this:
The UsefulTechnology blog (http://blogs.technet.com/UsefulTechnology/) is really quite useful.
...you can do this:
The UsefulTechnology blog is really quite useful.
Much neater. And it's fast too. Especially if you know the magic keyboard shortcut: CTRL+K. Just highlight your text (or place your cursor anywhere on a word you'd like to turn into a hyperlink) and press CTRL+K. Type your URL in the Address field, then press OK. Easy as pie.