Don't hog your references! With the help of RefWorks and Mendeley you can share them with your fellow students and colleagues. Create a shared reference collection - useful e.g. when you're co-writing an article.
With the ability to comment and annotate references and full text articles together, your joint work will see rapid progress. Mendeley adds a lot more: you can create a public profile page where you can list references and there's private and public groups you can join.
RefWorks is a closed setting whereas Mendeley in many regards is both closed and public. In the latter regard, Mendeley shares similarities with web sites such as Researchgate and Academia.edu.
Teaching staff, look here!
Gather the references you use in teaching in one or many folders and share these with your students. Convenient, right?