Looks cool but: 800 x 480 pixels might not make it too appealing, you can do better than that and drive a 1920x1200 WUXGA display (supplying the frame buffer for that, might be a problem at 6.6 MB).
But you can always have a lower resolution frame buffer 960 x 600 under 2 MB. and a 1920 vector buffer for say displaying waveforms. But I don't know how hardware driven are the Pi followers.
As an input it will allow you to capture high speed signals, like an ultra fast logic analyzer.
With a resistor network you can make it TMDS compliant. and vice versa.
Here is a nice paper about interfacing LVDS:
http://m.eet.com/media/1135468/330072.pdfLVDS will also gives you Ethernet, mute point as well because the Pi has Ethernet, unless you want to do your own hardware layer protocol but I can't see Pi people doing that.
Other uses but not achievable as far as I can see:
Camera Link uses LVDS but those cameras are way too expensive, normally used for commercial machine vision
Serial ATA. But even to achieve SATA 1.0 at 1.5 GBits/s might be a stretch for the FPGA to switch at two thirds (0.6666) of nanosecond.
PCI express uses it too but that will require a lot of FPGA i/o pins even for 1X, and now we are talking about a 2.5GHz clock.
I would love to help but even if I have a Pi (got it for Xmas from my son) I have yet to use it for anything (I did set it up for XBMC and got it running but just to make my son happy) I will eventually use it but I have not looked into it much.