It is a macro lens, meaning that it is capable of reproducing an object the size of the image sensor, known as 1:1 magnification.
Hybrid IS effectively compensates for both angular and shift camera shake during close-up shooting.
It can be used for candids, street photography, and other situations where a somewhat narrower field of view compared to the standard 50 mm lens is useful.
Its fast maximum aperture lends itself to low-light photography like standard lenses, with excellent performance wide open.
The addition of EF Extension Tubes allows close-up and partial macro-like photography using this lens.