The Links panel is great, because it lists, in first come first served order, all the URL's referenced in your current page. This works on everything from IRC to Mail and Web pages.
Some people might find that rather...boring. But just keep that panel in mind when you do your work, because oftentims it is hard to see the links on a page, and when you are in an active IRC channel, it's hard to keep the links around.
Another great use of this feature is for searching or research. Imagine that you are doing a web search, or something similar, and you have a large list of links that you have to go through and try to figure out what you want and what you want to keep. In combination with copying portions of web pages to notes, you can use the Links panel to quickly go through all the links on a search page, or a links page, without ever having to go back to that page. To do so, you just click the lock when the links are listed as you want them, and then when you click on one of the links, the links panel will not update to show the current page, but will continue to display all the previous links. Talk about a nice, fast, effecient, and clean way of doing things!
And just imagine, you get this entire package, Mail, Chat, Newsgroups, Web browsing, research tool, downloader, all for less than 4mb. :)