An existing use for this sort of thing is as a prototype environment for a software defined network. See 'Live Migration of an Entire Software Defined Network' for an example of use.
If you're a distributed systems developer, you can use Mininet to create a topology and emulate the interaction of 100s of, say, bittorrent clients.
If you're a graduate student in networking, you can use Mininet to experiment with your new routing protocol and compare it against existing ones such as OSPF, BGP, etc.
You can also use it to put existing research papers to the test: http://reproducingnetworkresearch.wordpress.com
The Chicago Tribune actually released a tool to do load testing with AWS instances: http://blog.apps.chicagotribune.com/2010/07/08/bees-with-mac...