Since version 2.9 WordPress has supported Post Thumbnails, which are used to assign an image to a post so they can be used in different parts of the theme and are frequently used in magazine style layouts. Prior to post thumbnails, custom fields were frequently used to do this.
I used to use the Thumbnails for Excerpts plugin to improve the layout of my search results page and my archives. For some time I’ve wanted to use Post Thumnails instead but the thought of adding them to all of my older posts seemed like a daunting task.