As thePiRaTE!! explained well, "fast glass" allows you to shoot with faster shutter speeds.
AFAIC, though there is a limit to this idea. The wider the aperture (lower the f-ratios or f-number) the thinner the depth of field (DOF, the area of the image which is in acceptable focus).
When the DOF gets very thin, then
- successful focus becomes hit and miss, if you are not shooting completely static objects and have a lot of time
- the area that is captured with good focus can be extremely thin, as in not covering both the eyes and the nose
Therefore, I'd say below a certain threshold faster glass doesn't really buy you a practical faster shooting advantage but only gives you more options with really thin DOF.
In any event, fast glass is nice because every lens gets better when stopped down a bit so even if you never use the very low f-ratios a fast lens will typically yield better IQ with a normal working aperture then one that has to achieve this working aperture wide open.
In film days, fast glass was pretty much the only way to get low light shooting ability since the high ISO films brought a lot of grain with them. In the digital age, the golden route to low light shooting is good high ISO performance by the sensor/camera. Cameras such as the K20D achieve very impressive high ISO performance even for say ISO 1600 which was unthinkable in film days. Hence there is less need to buy "fast glass" to gain shutter speed (as the shutter speed can be gained by increasing the sensitivity / ISO).