For us Filipinos, and many Asians around the world, the rice cooker is an essential part of the kitchen. Because most modern rice cookers will change from "cook" to "keep warm" mode automatically once the rice is done, it allows you to cook rice without having to constantly check the pot.
Here's a tip for buying a good rice cooker: do not buy the cheapo rice cooker in Walmart, the one with a glass lid. Instead, head to your nearest Asian store, and purchase the one with a sealed lid. Trust me.