The group separator is especially useful for formatting currency values which require that negative values be enclosed in parentheses. This currency formatting example at the bottom of this document makes it obvious:
Dates
Note that date formatting is especially dependant on the system's regional settings; the example strings here are from my local locale.
Specifier
Type
Example (Passed System.DateTime.Now)
d
Short date
10/12/2002
D
Long date
December 10, 2002
t
Short time
10:11 PM
T
Long time
10:11:29 PM
f
Full date & time
December 10, 2002 10:11 PM
F
Full date & time (long)
December 10, 2002 10:11:29 PM
g
Default date & time
10/12/2002 10:11 PM
G
Default date & time (long)
10/12/2002 10:11:29 PM
M
Month day pattern
December 10
r
RFC1123 date string
Tue, 10 Dec 2002 22:11:29 GMT
s
Sortable date string
2002-12-10T22:11:29
u
Universal sortable, local time
2002-12-10 22:13:50Z
U
Universal sortable, GMT
December 11, 2002 3:13:50 AM
Y
Year month pattern
December, 2002
The 'U' specifier seems broken; that string certainly isn't sortable.
Custom date formatting:
Specifier
Type
Example
Example Output
dd
Day
{0:dd}
10
ddd
Day name
{0:ddd}
Tue
dddd
Full day name
{0:dddd}
Tuesday
f, ff, ...
Second fractions
{0:fff}
932
gg, ...
Era
{0:gg}
A.D.
hh
2 digit hour
{0:hh}
10
HH
2 digit hour, 24hr format
{0:HH}
22
mm
Minute 00-59
{0:mm}
38
MM
Month 01-12
{0:MM}
12
MMM
Month abbreviation
{0:MMM}
Dec
MMMM
Full month name
{0:MMMM}
December
ss
Seconds 00-59
{0:ss}
46
tt
AM or PM
{0:tt}
PM
yy
Year, 2 digits
{0:yy}
02
yyyy
Year
{0:yyyy}
2002
zz
Timezone offset, 2 digits
{0:zz}
-05
zzz
Full timezone offset
{0:zzz}
-05:00
:
Separator
{0:hh:mm:ss}
10:43:20
/
Separator
{0:dd/MM/yyyy}
10/12/2002
Enumerations
Specifier
Type
g
Default (Flag names if available, otherwise decimal)