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`).