It's also great when you are shooting something that will continually fool your meter. The classic example is shooting in the snow.
You meter assumes that everything in the world is medium/light grey. When it sees snow, it assumes that it is just very brightly lit grey and adjusts the exposure so that it will come out that way. If you adjust the exposure compensation, you can overcome the meter's bias and not have to futz around with manual adjustments every shot.
The same thing happens when you are shooting a really dark scene, like someone in dark clothing in a room with dark walls. Once again, the camera doesn't understand that the colors are dark, it just thinks that it is medium/light grey stuff that isn't lit very well and pushes up the exposure until it looks medium/light grey. By setting exposure compensation, you can make it right.
Even if you spot meter, you need to make the same adjustments if the thing you are spot metering is very light or very dark in color. The wonderful thing about shooting digital is that you can check your histogram when you are done to see if you got it right.
One word of caution about exposure compensation - DON'T FORGET TO TURN IT OFF! I've done that a few times and ruined some shots because of it.