Benefits of asyncio

[Aseem Bansal]

I read in these groups that asyncio is a great addition to Python 3. I have looked around and saw the related PEP which is quite big BTW but couldn't find a simple explanation for why this is such a great addition. Any simple example where it can be used? 

It can be used to have a queue of tasks? Like threads? Maybe light weight threads? Those were my thoughts but the library reference clearly stated that this is single-threaded. So there should be some waiting time in between the tasks. Then what is good?

These are just jumbled thoughts that came into my mind while trying to make sense of usefulness of asyncio. Anyone can give a better idea?