I am not necessarily endorsing the use of this specific project but Colored Coins (Chrome Wallet) illustrates some of the cool potential features that a crypto protocol like that of Bitcoin (or Litecoin) can be used for.

Kyle Torpey has also written an excellent summary of the major known projects in this piece: Bitcoin 2.0 Explained: Colored Coins Vs Mastercoin Vs Open Transactions Vs Protoshares