I can see why so many people were complaining about the time spent on Ravelry... It is like the Black Hole Of Free Time... but that could be because it is so very Awesome!
You have a tab called "My Notebook" where you can list your projects (both completed and WIPs)... you post pictures and all kinds of details about your project... date started/completed...size.... made for...hook or needle size... type of yarn... amount of yarn... WPI... whether project is pattern... if so, where to get pattern (book, pamphlet, web, etc), or if you modified the pattern, or if you improvised... then there is a notes section where you can put in info that doesnt fit.... one of the cutest features is you can use different emoticons to show how happy you are with the project!
then you can link your blog entries that deal with that project...
there is also places to keep an inventory of hooks and needles (and you can print out a little card for your pocket/purse) so you don't have to run out and buy duplicate sizes.
you can look up future projects by pattern or by yarn.
you can keep an inventory... along with pictures of your yarn stash!
yarn porn, anyone?
your Ravelry profile allows you to have a feed from your blog.
i think it is a great tool for organization, if nothing else...
but wait, i am not done yet... you get access to pics of all other members' projects & notes.
and then there is the social networking aspect of it... there are friends & groups to join, if you wish.
i have met some new friends... and plenty of "old " ones (although sometimes they have different names over in ravelry land) that i have made through blogging & flickr & even myspace.com!
i think it is a great tool and lots of fun! (you gotta love a place where, in your profile, it asks what your favorite curse word is!)