Yeah, I'm not quite sure how useful it is, other then the games that are made specifically for it. I know it also comes with video editing software.
Here is a list of compatible games (from wikipedia):
2008
* Burnout Paradise[13]
* Rainbow Six Vegas 2[14] (Used to upload personal image for the character)
* High Stakes Poker[15] (used to see others)
* LittleBigPlanet (used to create levels)
2007
* Aqua Vita[16] (entitled Aquatopia in the United States[11]) - October 25, 2007 (Europe)[5], November 20, 2007 (North America)[17]
* Ember[10]
* Mesmerize - January 17, 2008 (North America)[18]
* Operation Creature Feature[16] - October 25, 2007[5]
* The Eye of Judgment[2]
* The Trials of Topoq[16] - October 25, 2007[5]
* Tiger Woods PGA Tour 08[19]
* Tori-Emaki[20]
* SingStar[21]
* Sky Blue[10]
* Snakeball[16]
* PES 2008[22]
This short video shows some of it's capabilities, pretty cool:
http://www.us.playstation.com/PS3/Accessories/SCPH-98047
But again I don't know how useful it would be just yet.