Yep, they help in formatting. As soon as you start a new line, you get a menu asking you what you want to write (either Action, Character, Dialogue, Parenthesis, etc), and it's smart, so it picks up on character names etc, so say you write a Trek script, once you've written the name Picard once, you'd only have to write 'pi' again to get his name up; the same goes for headings, etc. Also, if you type a name under Character and hit enter, it immediately readies to type dialogue.
It has also has nifty settings for scene notes, and the ability to quickly rearrange scenes.