Nz() is a new and improved function that replaced the A97 NullToZero() function. The added improvement to this is that the earlier function only changed a null value to zero, whereas Nz() allows you to use any replacement value you want.
For Example
Yesterday = Nz([AnyDate],Date()-1)
Therefore if their is no value in the anydate field it will replace it with yesterday's date.
Likewise lets say you are doing a calculation and one side of the equasion = 0 you could get a division by zero error, so if you then used the Nz() like Nz([AnyValue],1) would eliminate the error as timesing anything by one will give you the same figure.
Hope That helps