I think I kinda knew about this already but it's nice to have the proper terminology.
Two points:
1. This is really really useful for changing key. Instead of Dm > Bb7 > C you can have a perfect cadence Dm > Bb7 > Eb or the equivalent for the other substitutions (even the weird E7 goes nicely to the relative minor, Am)
2. Doesn't the same concept also apply to augmented dominant chords? As G+ = Eb+ = B+
E.g. Dm7 > G7 > C can be substituted for Dm7 > B7 > C or Dm7 > Eb7 > C (not too sure about the last one but maybe it would work for changing key as above)
Between these two ideas you can quickly and easily move between 6 different keys (C, Eb, F# A for diminished-type substitution and C, E, Ab for augmented-type substitution)