What can I do with it?
Wait for a process to stop before proceeding further.
Open an instance of Notepad. Use Wait-Process to pause the console session until Notepad is closed.
Notepad Wait-Process -Name Notepad
You will notice that the console pauses whilst Notepad is open
Once Notepad is closed, control of the session is returned to the user.
How could I have done this in PowerShell 1.0?
Store the result of Get-Process Notepad in a variable, then use the WaitForExit method to wait for the process to stop.
Notepad $Process = Get-Process Notepad $Process.WaitForExit()