These plots are increasingly common in omic experiments such as genomics, proteomics, and metabolomics where one often has a list of many thousands of replicate data points between two conditions and one wishes to quickly identify the most meaningful changes.
This results in data points with low p values (highly significant) appearing toward the top of the plot.
These represent values that display large magnitude fold changes (hence being left or right of center) as well as high statistical significance (hence being toward the top).
Additional information can be added by coloring the points according to a third dimension of data (such as signal intensity), but this is not uniformly employed.
Volcano plots are also used to graphically display a significance analysis of microarrays (SAM) gene selection criterion, an example of regularization.