Like my friend Agave, Molasses is a lot better for you than straight sugar. However, unlike agave it is not quite so natural in the sense that it is a by-product of sugar production (e.g. its processed, or part of a production process).
It tastes a little bitter or even burnt on its own. Also, unlike Agave its unfashionable so consequently very very cheap (even when you're buying organically) and chock full of nutrients & minerals. I've seen it used as a substitute for sugar, honey or syrup. Just bear in mind its really dark and has a habit of making anything you add it to quite brown - In gluten free baking this can be helpful (see my banana bread muffins).
It is also a close relative of one of my favourite condiments of all time - Pomegranate Molasses.