I assume you're probably more thinking of what is commonly labeled "SPF," which stands for "Spruce/Pine/Fir." Cheap wood used for dimensional lumber; however, pine is a pretty broad category. This Wood Database article handles it well, dividing into "soft pine," and "hard pine."
Is very soft with regular grain; it might be good for a beginning whittler/woodcarver to practice on. This category includes Western and Eastern White Pine species.
Can be categorized into two subgroups: Western Yellow and Southern Yellow.
Southern Yellow Pines
Are moderately dense. Shortleaf Pine, for example, has a density similar to red oak. These have an irregular grain which may be good for turning? I would have to defer to someone with experience in the area to validate that notion.
Western Yellow Pines
Not as dense as the southern yellow pines, and a more regular grain. A characteristic species here would be Jack Pine, which is one of the species commonly labeled as "SPF" in dimensional lumber; this has the qualities you're probably thinking of when you think of pine.
Lodgepole pine has a very straight trunk and is good for log cabins.
Ponderosa smells very nice when I'm hiking, like vanilla, though I'm not sure how useful that is to a woodworker.
I don't think you'll find very many redeeming qualities for the woods in general, but of note (aside from the cost) they are very soft, and because of this are easy to work with. This, combined with their cost, makes them great for beginners, and I like to use 2x4 lumber as test pieces before I make cuts on more expensive hardwood.
Pine is good for little projects that aren't expected to last long (unless well cared for: it's soft and easily dented/bruised), and aren't expected to be very pretty (unless you use good quality pine, not the construction grade SPF you'll find at a box store). Additionally, as Caleb mentioned, It has a good strength for its lower density and is thus useful in situations where you want a strong but light product (this, aside from the cost, is part of why it's common in construction).