It is such a versatile technique and it can work not only for a single performer but a group of performers as well. ie single acoustic guitarist especially in a slightly ambient space.
It is also great for a small group such as a string quartet. You can spread them in an arc eg 180 degree setup and put the M/S setup at the centre facing the two inner musicians. What is good about it is the S mic is picking up the two extreme players directly on both sides of the figure 8 mic so it covers all 4 players so well.
Putting the M Mic into omni can give a nice result too if you want a little more of the room and that will ensure the M pattern is very even too.
You can process the M and S signals differently and you will effect either the sound that is more centre or on the extremes of the stereo image depending on what you do to each signal in the decoding process. eg you could brighten the M Mic in an acoustic gtr recording and apply LPF to the S signal. What you will hear is the guitar sound will be the brightest in the centre after decoding and duller on the extremes of the stereo image after decoding.
(or visa versa)
I have recorded a lot of foley and atmos effects using MS techniques. The ability to control how much you hear directly in front and the extremes of the stereo allows a lot of control over the effects later in post.
You can always alter the M S decoding levels slightly to alter stereo width.
In mastering it can be handy too as a final stereo mix can be converted into M and S signals and then you can process the two differently and convert back to stereo again. This allows you to do things like EQ a slightly loud vocal that is panned centre leaving the stuff on the extremes of the stereo image alone. Or compressing the extremes of the stereo image a little more leaving the centre stuff alone. I have used it in mastering to reduce the amount of room reverb of a solo piano recording that was done using XY setup and the client thought there was no way to change it. Sure we lost a little stereo imaging but we ended up with a much drier and direct result.