The number of knit and purl stripes (wales) are generally equal, although they need not be.
When they are equal, the fabric has no tendency to curl, unlike stockinette stitch.
Thus, ribbing is often used for cuffs, sweater hems and, more generally, any edge that should be form-fitting.
For example, the knit stitches can be slipped every other row to double their height and make them come forward.
Ribs can be decorated with nearly any motif used for a plain knitted fabric, e.g., bobbles, cables, lace, various colors, and so on.