I just removed some dead code earlier today that the code coverage spotted.
Ah the joys of legacy code :-)
I've found code coverage to be a great exploratory tool. Want to know how your application does something - just write an end-to-end test and look at the test coverage. Much easier way of getting an overview than messing around the debugger.
Informative too ("look - that critical bit of code doesn't touch the logging module. Ooops.")