It would be useful to be able to have a tool to find and replace materials.
Example if I've got windows in two different colours. White and Black. I could run a search that would identify where all the white material was used and replace this with the black material. Or perhaps I want to change all my Canary Yellow Windows from yellow to black - rather than rename and adjust the look of the yellow material to a black material - it would be easier to create the new black material and then swap all instances of yellow for the new black material. Leaving the yellow material intact should I chose to use it again later.
This would be most useful when working on a project where the model is split into numerous linked files.