A Property Grid is a two column-grid that displays a set of label-value pairs. These can be edited using a variety of editors. The display is not linear but – above all - a tree in which each property belongs to a hierarchy of categories. This is a great control for showing a lot of data and/or when the space is limited. It also suits people who like concise presentation. The only alternative is to develop several tabbed forms of non-trivial size.
However convenient, a PropertyGrid must not harm usability and accessibility for the end-user. The Microsoft PropertyGrid is a developer tool and not a practical end-user component. That's why Smart PropertyGrid has been rewritten from scratch, with features corresponding to user requests.
The possible uses are so numerous that there's only space for a few examples of applications making smart use of the PropertyGrid…
AutoCAD is the world leader of the CAD/CAM software and needs no further introduction! The new 2007 edition is a gem, with many UI additions such as a very nice dashboard. Amongst all these, you can still find a PropertyGrid-like control. There is no better way to simplify the editing of object properties, so the developers at AutoDesk didn't hesitate to use this proven component.
Visual Studio, of course, uses the Microsoft PropertyGrid component. It's a handy way to enable the developer to edit a batch of properties belonging to any selected object, whether a file or a form on the designer. However it lacks a lot of features and even has usability issues for the end-user. (That's why SPG exists.)