The 70-300mm range is a popular one for telephoto zoom lenses, and often represents one of the first lenses new SLR owners will purchase after the "kit" lens that came with their camera. On sub-frame digital SLRs, a 70-300mm covers a range from moderate to dramatic telephoto, the equivalent of roughly a 105-450mm zoom on a 35mm film camera. Out at the 300mm end, it can be a challenge to hand-hold a lens like this in anything other than bright sunlight, hence the value of the Vibration Reduction Nikon has added to this model. Combine that feature with low street prices hovering around $500, and you're looking at a real bargain.
I also just bought one of these lenses. My wife and I are stocking up on lenses before our trip to the east coast. Expect lots of photos ;)