http://en.wikipedia.org/wiki/Newsgroup
Usually you get files a few days/weeks sooner then say rapidshare. The downside is that files dont hang around as long so you gotta get em while theyre fresh. As for the kind of files... basically whatever you want.
If you're interested id reccomend getting an account somewhere like newsdemon and just mess with it abit.
I've been thinking about getting involved with newsgroups, I've had an album that I uploaded to one tracker, get sent through usenet and then end up on another tracker. What's the benefits of using news groups?
The main benefits imho are: that you don't have to upload anything back..no ratios to worry about, so happy days on that front.
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