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To expand on the answers already provided, xargs can do one cool thing that is becoming increasingly important in today's multicore and distributed computing landscape: it can parallel process jobs.

For example:

$ find . -type f -name '*.wav' -print0 |xargs -0 -P 3 -n 1 flac -V8

will encode *.wav => *.flac, using three processes at once (-P 3).