Yeah, it will act as the hub/switch for a network regardless of whether it is splitting out a broadband connection to each attached machine. You could use it to hook your modded Xbox to your PC (man, that's been a recurring theme in my posts lately), hook two PC's together to share files or printers, hook your PC and a wireless access point to it to give laptops access to the files on your PC and the printer attached to it.
Or you could sell it.
Or you could give it to me. I happen to need a network switch right now.