Growl is particularly useful for saving nukers and healers from being attacked by mobs.
Thanks to its long range, it can also be used to pull mobs if Faerie Fire (Feral) is on cooldown or otherwise unfavorable.
Challenging Roar can function as a backup if Growl is on cooldown.
If all else fails, immobilization of the mob - by Bash - can be a good alternative against non-boss mobs.
Growling at a critter sometimes causes the critter to run in fear instead of coming to you, though certain ones will attack you (such as frogs).
Notes
Has no Rage cost.
You get this ability automatically when you get Bear Form.
As of patch 4.0.1, Growl no longer has a miss chance (even with +0% hit). Prior to 4.0.1, Growl followed the following rules: It was treated as a spell. It couldn't be cast when silenced and it had a 17% chance to miss raid bosses (in contrast to the 8% chance to miss boss mobs for melee attacks). So even if you are melee hit capped (263 hit rating at level 80), Growl's chance to miss was still 9%. This 9% gap was mostly covered with Glyph of Growl (which was removed in 4.0.1).
Patch changes
Patch 5.0.4 (28 August 2012): Activates bear form.
/Patch 4.0.1 (12-Oct-2010): Removed miss chance of this effect.
Patch 3.0.8 (2009-01-20): Range increased to 30 yards.
Patch 3.0.3 (04-Nov-2008): Cooldown changed to 8 sec.
Patch 2.3.0 (13-Nov-2007): The chance for this ability to land successfully on its target is now increased by hit rating.