cupholder comments on Bayes' Theorem Illustrated (My Way) - Less Wrong
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Quite a bit! (A quick Google Scholar search turns up about 1500 papers on methods and applications, and there are surely more.)
The formula tells you how to change your strength of belief in a hypothesis in response to evidence (this is 'Bayesian updating', sometimes shortened to just 'updating'). Because the formula is a trivial consequence of the definition of a conditional probability, it holds in any situation where you can quantify the evidence and the strength of your beliefs as probabilities. This is why many of the people on this website treat it as the foundation of reasoning from evidence; the formula is very general.
Eliezer Yudkowsky's Intuitive Explanation of Bayes' Theorem page goes into this in more detail and at a slower pace. It has a few nice Java applets that you can use to play with some of the ideas with specific examples, too.