I have been going through some tutorials on the tag, but I honestly don\'t see why we are using it.
For example:
Published
It's in a machine-readable format, so any script or search engine reading your content can understand the date/time of publication. That way you can format it in a nice way for readers without affecting machine readability. It's covered under microformats which are a good thing.
E.g. looks nice for humans and computers.