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Microwaves are good for steaming veggies, warming already cooked (including canned goods as well as leftovers) things up, good for par-baking potatoes and sweet potatoes so they don't take as long in the oven, and it's the least messy way I know to cook bacon.
Not good for anything that require the crisping of the hot air in a conventional oven, not good for pastas and rice dishes that aren't pre-cooked, not great for hot cereal, etc.