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For odds and ends, makeup, cards, money, phone, camera...whatever's a convenient size. I use my wristlers for everything I just mentioned, I also may pop into the shops with a wristlet, so it carries my keys, phone and card holder. A pretty wristlet will also double as a small clutch.
All of this! i actually started a thread in the Coach forum on favorite wristlets. I love 'em.. super handy things. They come in a myriad of colors, designs and sizes. Often you may like a pattern but don't want a whole bag in it, so a wristlet is a great way to get that or even the color.
Wristlets are so popular where i live, especially the Coach brand as they do quite a few each season!