It stops down the lens to the selected aperture (doesn't open the shutter) and can be very useful in certain situations, in others less so. I used to find it hard to see the difference on my D90 (apart from the dimming of the viewfinder), but it's a different story on the D700 - you can actually make aperture decisions based on the DOF preview! More useful in good light where DOF is critical, in those situations I assign it to the button otherwise it doesn't get used and something else is assigned.