The C-bus network is not a secure network so it should not be used for security applications - not to say you can integrate an alarm panel, just not send user codes etc across the network.
Scenes are a big part of C-bus. Create a scene in a switch and then you press one button to set a group of lights to a preset level. If you want to do the same from another switch, you set it up to activate the scene in the other switch remotely.
A switch can do anything, timer, dimmer, on, off, toggle, ramp, scene and custom just for a few. Change your mind, just change it with the software that is freely available to anyone.
You might have a single gang switch in and decide you want a newer 8 gang switch. Just pull it out and put int he new one and program it up - it just works. Expansion is easy as long as you can connect that pink cable. C-bus is topology independent.
Audio has been integrated in to C-bus. Clipsal released their own multiroom audio system. Uses digital audio between matrix switch and remote amps and uses C-bus for the control of the equipment.
Clipsal are releasing a curtain (drape) controller shortly - quite a few are waiting for that.
C-bus enables thermostats have been released for about 6 months now. I have not heard any fedback other than they are very nice in real life.
With all of the above, you get control of everything from a single "multi-gang light switch" on the wall - removing the need for two or three switches for each individual application.
I personally have an M1 integrated with C-Bus. My light switch as opens the garage door via the M1. Some of the F buttons on the M1 KP2 turn on lights removing the need for a light switch where there is a KP2. Other switches are used to put the roller shutters up and down (using an Elero venetian controller connected to a c-bus relay). Arming the alarm turns off all the lights, opening the garage door turns on the lights out front of the garage and in the garage. It goes on and on. Alarm PIR's can be used as lighting PIR's.
C-bus also has an infra red option as well. Some of the PIR's double as light sensors and IR receivers so you can turn lights on via remote. C-Bus can learn codes for other devices and turning on a light switch can send that code to a IR output unit to control whatever it is you want to control via IR.
The PAC (Pascal Automation Controller) is the brains in the background if you want to run more complex logic. The colour touch (CTS) does the same thing as well, but has a touchscreen attached. They have RS232 so you can control serial devices from them as well.
Irrigation is possible via a c-bus relay, although with the cost of relays I would spend it on a dedicated irrigation controller that I could control with c-bus.
Clipsal also have their own PC application called Homegate that gices you a similar feel to say CQC, Mainlobby etc. You build up the screen interface and go from their. It is limited pretty much to C-Bus, so I would recommend CQC (my fav).
Using a PAC/CTS and an electronic solution inc. drape controller (eg RQ60 series) with a serial interface you can control all your curtains from the one interface.
The list goes on and on.
Some of the more specialized systems are catered for with gateways that they have manufactured (DSI, Dali etc).
Hope this helps
Mick