Hooks come in many flavors: folder-hooks, send-hooks, message-hooks, save-hook, mbox-hook, fcc-hook, and fcc-save-hook. I mostly use folder-hooks to choose a sorting pattern appropriate to the folder I'm looking at. Here are some examples, but if you think about the possibilities this functionality provides you'll see just how powerful they are.
# Folder Hooks
folder-hook /var/spool/mail/randymon set sort=date-received
folder-hook Avalon-list set sort=threads
folder-hook '!' set sort=received
# Send Hooks
send-hook '~t tgw@ISP-one.com$'
'my_hdr From: Fat Penguin <eatmore@fish.com>'
send-hook '~t @hotmail.com$'
'my_hdr From: Tough Guy <name@address.com>'