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The Flag module is one of those modules that in its previous incarnation (as the Views Bookmarks module) was a bit inflexible and often (at least in my cases) required some manual tweaking of the code to get it to do exactly what I wanted (no offense to the original authors, I actually used it a surprising number of times).
The updated and renamed module is a breath of fresh air - it is an ease to install and configure for any number of use cases - in this article, I'll demonstrate how you can set up a list of the best comments on your site.
The Flag module is extremely useful mainly due to its excellent integration with other Drupal modules - specifically Views and Actions (part of Drupal 6 core). It's also chock-full of AJAX-y goodness (flagging items doesn't require a full page refresh) and a plethora of configuration options.